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On 1 January 2015, Nash Bhd. entered into a four-year lease agreement with Jay Bhd to lease a machine. The machine has a fair value of RM139,474 at that date. According to the agreement, Nash Bhd. agreed to pay RM40,000 immediately, with 3 further instalment of RM40,000 each beginning on 31 December every year throughout the lease period. At 31 December 2018, the machine is to be returned to Jay Bhd. The interest rate implicit in the lease is 10%. The lease is classified as a finance lease. The machine has a useful life of five years and is depreciable on a straight-line basis.
Required:
Question i. Prepare the journal entries for the year 2015 in the books of Nash Bhd.
Question ii. Prepare the Statement of Profit and Loss and Other Comprehensive Income for Nash Bhd. for the year ended 31 December 2015 and 2016.
Question iii. Prepare the Statement of Financial Position for Nash Bhd. as at 31 December 2015 and 2016
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