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Compak Finance Ltd {lessor} acquires equipment at a cost of $65 343. On 1 July 2019, it enters a contract to lease this equipment to Lessee Ltd for four years at an annual rental of $20000 with the ?rst payment payable on 30 June 2020. The contract provides for an unguaranteed residual at the end of the lease term of $5 000. The rate of interest implicit in the lease is 11% and the end ofthe reporting period is 30 June.
Required
Question 1: Prepare general journal entries in the books of Compak Finance Ltd for the year ended 30 June 2020, assuming the lease is an operating lease.
Question 2: Prepare general journal entries in the books of Compak Finance Ltd for the year ended 30 June 2020. assuming the lease is a ?nance lease.
Question 3: Prepare a schedule showing the division of the lease rental into interest and lease revenue components.
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