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What the journal entries for the Company Beta

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Question - On 1 July 2020, Alpha Company leased a vehicle from Beta Company. The vehicle cost Beta $38,289.40 considered to be its fair value on that same day. However, the PV of the lease payment by Alpha Ltd at 1 July 2020 $30,140.80. What the journal entries for the Company Beta (lessor) at 01 July 2020?

a. Dr Right to use of asset (Motor vehicle) $38,289.40 Cr Lease liability $38,289.40

b. Dr Lease receivables $38,289.40 - Cr Motor vehicle $38,289.40

c. Dr Right to use of asset (Motor vehicle) $30,140.80 Cr Lease liability $30,140.80

d. Dr Lease receivables $30,140.80 - Cr Motor vehicle $30,140.80

Reference no: EM133013263

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