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On 1 January 2018, Grabbit plc entered into an agreement to lease a widgeting machine for general use in the business. The agreement, which may not be terminated by either party to it, runs for three years and provides for Grabbit to make an annual rental payment of £92,500 on 1 January each year. The cost of the machine to the lessor was £250,000, and it has no residual value. The machine has a useful economic life of four years and Grabbit depreciates its property, plant, and equipment using the straight-line method.
Required
You are required to finalize the following in the books of Grabbit plc (Lessee).
Problem a) Record the necessary journal entries at the date of the inception of the lease.
Problem b) prepareing Lease Amortization Schedule for the Lessee
Problem c) Record the journal entry for the accrued interest at December 31, 2019
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