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Box Ltd entered into a finance lease with GEC Ltd to obtain the services of a forklift truck. The term of the lease is four years and in return Box Ltd has agreed to make an initial payment of $4000 followed by 47 monthly payments of $2000. The rate of interest charged by the lessor is found to be 1% per month, and the lessor acquired the forklift truck for $78 707.
Required
Question (a) Record the lease of the forklift truck, including the initial payment of $4000 and the first lease instalment of $2000, in the books of the lessor.
Question (b) Record the lease of the forklift truck, including the initial payment of $4000 and the first lease instalment of $2000, in the books of the lessee.
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