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On 1 July 2021, One Ltd leased a network server from Short Ltd. The server had cost Short Ltd $32 000 on the same day. The lease agreement cost Short Ltd $1390 to set up and included the following:
Lease term 5 years
Estimated economic life of the network server 10 years
The lease is cancellable
Annual rental payment (in arrears) $6500
Residual value at end of lease term $24 000
Residual guarantee by One Ltd $0
Interest rate implicit in the lease 8%
Problem i. What would be the journal entry recorded by the lessor to recognise the initial direct costs incurred?
Problem ii. What would be the journal entry recorded by the lessor for the annual recognition of the initial direct costs?
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