Bac205

• Internal Code :
• Subject Code : BAC205
• University : Melbourne Polytechnic My Assignment Services is not sponsored or endorsed by this college or university.
• Subject Name: Accounting and Finance

Corporate Reporting - Question 1 a) Year Lease Payments Present Value factor @ 10% Present value of lease payments 1 $ 100,000 1 $ 100,000 1-12 $ 70,000 6.814 $ 476,958 $ 576,958 [hence proved the implicit rate is 10%] AASB 16 - Leases b) Construction Ltd Journal entries 1/07/23 Right of use asset $576,959 Lease Liability $576,959 1/07/23 Lease Liability $100,000 Bank $100,000 c) Crane Master Finance Ltd Journal Entr…