Reference no: EM132527542
Question - Ballan Ltd entered into a non-cancellable lease agreement with Manufacturer Ltd to lease construction equipment from Manufacturer Ltd under the following terms:
Lease term 9 years
Useful life of leased asset 11 years
Expected residual value at end of lease $6,000
Lease payment at inception (beginning) $7,000
Lease payments (at end of each year) $5,000 per annum (9 payments)
Implicit interest rate for lease 11%
Fair Value of Equipment $37,031
Present Value of minimum lease payments $34,685
Ballan does not intend to acquire the asset at the end of the lease term.
Required - What is the journal entry to record the first lease payment at the inception of the lease (rounded to the nearest dollar) in accordance with the requirements of AASB 16 Leases?
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