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Case Study: Chef Hut Ltd manufactures commercial grade ovens used in baking. On 1 July 2023, Chef Hut entered into a non-cancellable four year lease agreement with Cookie Ltd. The terms of the lease required Cookie Ltd to make an initial payment of $50,000 upon signing the lease agreement with four annual lease payments of $25,000 to follow with the first being made on 30 June 2024. Included in the four annual lease payments is an amount of $2,000 representing payment to the lessor for the insurance and maintenance of the equipment. The residual value at the end of the lease term is $28,000 and the lessee has guaranteed $10,000. The equipment is expected to have a useful life of five years, after which it will have a residual value of $24,000. Cookie Ltd intends to return the equipment to Chef Hut Ltd at the end of the lease term. The equipment cost Chef Hut Ltd $120,000 to manufacture.
Question A. Prepare the lease payments schedule for Cookie Ltd using the interest rate implicit in the lease of 5 % (You will be advised of the interest rate to use during the workshop). Show all workings and round off to the nearest dollar. (10 marks)
Question B. Prepare the journal entries for Cookie Ltd for the full year from 1 July 2023 to 30 June 2024. Show all workings and round off to the nearest dollar. Narrations are required
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