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Question - On 1 July 2011, Cerise Ltd leased a crane from Azure Ltd. The crane cost Azura Ltd $120,697. The lease agreement contained the following provisions:
Lease term
3 years
Estimated useful life of crane
4 years
Annual lease payment, payable on 30 June each year
$39,000
Estimated residual value of crane at end of lease term
$22,000
Residual value guaranteed by Cerise Ltd
$16,000
Interest rate implicit in lease
7%
The lease is cancellable only with the permission of the lessor.
Required:
(a) Classify the lease for Cerise Ltd.
(b) Prepare the lease payment schedule for Cerise Ltd and its journal entries to record the lease for the year ended 30 June 2012.
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