ACCOUNTING 101 On 1 July 2015, Jarir Incorporation Ltd decides to lease an aero plane from Finance Ltd

Scenario:On 1 July 2015, Jarir Incorporation Ltd decides to lease an aero plane from Finance Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 10 percent. It is expected that the aero plane will be scrapped at the end of the lease term. The fair value of the aero plane at the commencement of the lease is $ 2,428,400. The lease is non-cancellable, returns the aero plane to Finance Ltd at the end of the lease, and requires a lease payment of $300,000 on inception of the lease (on 1 July 2015) and lease payments of $250,000 on 30 June each year (starting 30 June 2016). There is no residual payment required.(a) Provide entries for the lease in the books of Jarir Incorporation Ltd as at 1 July 2015(b) Provide the entries for the lease in the books of Finance Ltd as at 1 July 2015(c) Provide the journal entries sin the books of Jarir Incorporation Ltd for the final year of the lease ( that is, the entry in 20 years’ time).(d) Provide the journal entries in the books of Finance Ltd for the final year of the lease (that is, the entry in 20 years’ time).

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