6BL. Enterprise Limited is a finance company which deals in lease financing. On January 1, 2016 the company entered into a leasing agreement with Charles Construction Limited to lease a specialized equipment for a period of 8 years, Under the lease agreement, GBL. Enterprise Limited was responsible for the maintenance, insurance and repairs. The cost of the equipment was \(\$ 3.8 \mathrm{~m) \) and the annual rental was \(\$ 700,000 \) payable at the end of each. The estimate economic life of the equipment was 10 years after which it is expected to have a scrap value of \(\$ 150,000 \). The implicit rate of interest is \( 12 \%\) per annum and the fair value of the equipment was \(\$ 4.5 \mathrm{m} \). Required: a. Prepare the Journal entries for Charles Construction Limited for 31 December 2016? b. Prepare the Extracts for the Income Statement and the Statement of Financial Position as at December 312017. c. Prepare the Extract for the Income Statement for GBL Enterprise Limited for three years endi 31 December 2018 ? d. Show the disclosure requirements as per IFRS 16?

J4. Account

Berkeley Inc. is engaged in manufacturing. For the procurement of machines, Berkeley Inc. uses the leasing method. On May 1, 2016, Berkeley Inc. entered into a lease contract with Mindy Corp. on a printing machine that costs Rp180,000,000 with the following agreement:- The lease period is 3 years, payments are made semi-annually with the first payment is November 1, 2016.- The lease payment per 6 months is Rp35,000,000,-.- Berkeley Inc. has the option to purchase the production machine at a price of Rp1,500,000,- at the end of the lease period- The economic life of the production machine is 5 years- The incremental borrowing rate is 15%- Mindy Corp's implicit interest rate is 12%, known to Berkeley Inc. Prepare the schedule of lease payment! (Use the following format)

Universal Leasing leases electronic equipment to a variety of businesses. The company's primary service is providing alternate financing by acquiring equipment and leasing it to customers under long-term sales-type leases. ⚫ Universal earns interest under these arrangements at a 10% annual rate. • The company leased an electronic typesetting machine it purchased for $36,900 to a local publisher, Desktop Incorporated, on December 31, 2023. The lease contract specified annual payments of $8,353 beginning January 1, 2024, the beginning of the lease, and each December 31 through 2025 (three-year lease term). ⚫ The publisher had the option to purchase the machine on December 30, 2026, the end of the lease term, for $18,700 when it was expected to have a residual value of $22,700, a sufficient difference that exercise seems reasonably certain. Note: Use tables, Excel, or a financial calculator. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required: 1. Show how…