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Record journal entries for Telstra

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Reference no: EM133074560

Question - Telstra leases a machine for making phones from the Nini Ltd on 1 July 2020. The lease is for 5 years and payment in advance, initial lease payment 40,000 is required at inception and 4 paymens of 40,000 are required in subsequent years and payable 30 June. The implicit interest rate is 8% p.a.  At the end, Telstra retain the machine has a useful life of 10 years and salvage value 40,000

However, during the year ended 30 June 2022 there is a fall in demand for buying phone. The recoverable amount of the machine is now 90,000. Useful life is now 5 years only and salvage value 20,000. Telstra has 30 June year end.

Required - Record journal entries for Telstra on

1. 1/7/2020

2. 30/6/2021

3. 30/6/2022

Reference no: EM133074560

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