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On January 1, 2020, Sahali Air Inc. enters into an 8-year lease agreement to lease an airplane to Duoprop Airlines, with payments required at the end of each year. Sahali follows IFRS. The following information relates to this agreement:
Instructions
Question 1: What type of lease is this for the lessor? Justify your answer.
Question 2: REcord a lease amortization schedule for the lessor, Sahali Air, for the first two years (2020 and 2021). Round all amounts to the nearest dollar.
Question 3: Record the journal entries on Sahali Air's books to record the lease agreement, to reflect payments received under the lease, and to recognize income for the years 2020 and 2021.
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