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On 1 July 2019, Mavis Ltd leased equipment from Perry Ltd. The term of the lease is 20 years and the implicit interest rate is 10 per cent. It is expected that the equipment will be scrapped at the end of the lease contract. The lease in non-cancellable and requires a lease payment of $300,000 at inception, with lease payments of $250,000 on 30 June each year. There is no residual payment required. Problem a) Please calculate the present value of the minimum lease payments. Problem b) Please provide the journal entries for the lease in the books of Perry Ltd (the Lessor) for the year ended 30th June 2020. Problem c) The requirements for lease accounting changed with the introduction of AASB 16 Leases. Explain the main changes in the new standard when compared to the old standard AASB 117 Leases.
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