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Basic Corporation, (the lessee) which reports under IFRS, enters into a 6 year lease agreement with Simple Incorporated (the lessor) on November 1, 2017. The lease requires 6 annual payments of $14,000 each beginning November 1, 2017. The equipment is assumed to have an economic life of 6 years with a residual value of $8,500. The rate implicit in the lease and known to the lessee is 9%.
Question a. Prepare the journal entry that Basic (the lessee) would record on November 1, 2017 assuming they guarantee the residual value?
Question b. Prepare the journal entry that Basic (the lessee) would record on November 1, 2017 assuming they DO NOT guarantee the residual value?
Question c. Assume that Simple (the lessor) was carrying this asset on their books at $45,000. Prepare the journal entry that Simple would record on November 1, 2017 assuming the lessee does NOT guarantee the residual value.
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