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On 1 July 2020 a University enters into a 5-year lease of a building owned by an insurance company which has a remaining useful life of 10 years. Annual lease payments amount to $50,000 and are payable on 30 June each year. Initial direct costs (paid on 1 July 2020) incurred by the University to ensure social distancing and the university internal sanitary standards amount to $20,000. The University has also received on 1 July 2020 incentives from the insurance company amounting to $5,000. The fair value of the asset amounts to $358,150. The unguaranteed residual value at the end of 30 June 2025 is $200,000.
Required:
Using the provisions of IFRS 16,
Question a) Compute the interest rate implicit in the lease (rounded off to the nearest integer) using trial rates of 3% and 7%.
Question b) Prepare extract of the lease amortisation table for years ended 30th June 2021 and 2022.
Question c) Prepare journal entries in the books of the University for the year ended 30 June 2021.
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