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Question - Rumba Lid entered into an agreement to lease specialised equipment for a five-year period, commencing January 1, 2021. At that date, the equipment had a remaining useful life of only four years. Annual lease payments total $7.2 million, 15% of which relates to insurance costs. The entity incurred expenses to the tune of $756,000 to draft the lease, while it received lease incentives amounting to $338,000. The agreement speaks to a guaranteed residual value of $3,400,000. The interest rate implied in the lease is 8%, while the incremental borrowing rate is 3% higher.
Required -
1. Prepare the relevant journal entries in the last year of the lease.
2. Prepare the statement of financial position extract in the first year of the lease.
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