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ABC Ltd. sells apple picking machines for $270,000. The machines have a useful life of 10 years. XYZ Ltd. decides to lease a machine from ABC Ltd for a period of 9 years by way of a non-cancellable lease. The lease commenced on 1 July 2012. The lease payments, including reimbursement of ABC Ltd.'s maintenance costs of $10,000 per annum, are made at the end of each year and amount to $65,000. There is an unguaranteed residual at the end of the lease term of $45,000.
Required:
According to the requirements of AASB 16:
Problem a). Confirm the interest rate implicit in the lease is 10% and show your calculations.
Problem b). Prepare the lease payment schedule for the life of the lease.
Problem c). Record entries in general journal form to record the lease transactions at 1 July 2011 and at 30 June 2012 for XYZ Ltd.
Problem d). Show what would be reported in the statement of financial position for XYZ Ltd at 30 June 2012.
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