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Question - Gryffindor plc signed a five-year finance lease with Slytherin plc on 1 January 2017 when the lease began. The lease requires 5 payments of €158,278.36 to be made at the end of each year. Gryffindor has no renewal option and possession of the asset reverts to the lessor on 1 January 2022. Gryffindor uses the straight-line method to depreciate assets of this type that it owns and the leased asset has an expected useful economic life of six years. The rate of return implicit in the lease is 10%. The present value of the minimum lease payment is €600,000, which is equal to the fair value of the asset. The reporting date of Gryffindor plc is 31 December.
Assuming that the fair value of the leased asset is €584,980.52, instead of €600,000, prepare the journal entry to account for the lease transaction in the books of Gryffindor plc on 1 January 2017.
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