Fitbit Ltd has leased a machine on the following terms: Date of entering lease 1 July 2019 Duration of lease 5 years Life of asset 6 years Unguaranteed residual value $40,000 Lease payments inception (at the start) $60,000 Annual payments (5) $65,000 Implied rate 11.0 %. Please assist to determine the Fair Value (rounded off) of the leased asset. Thanks

needed: lease liabilityright of use of assetdepreciation expenseplease use a table for explaining lease liab.

Fitbit Ltd has leased a machine on the following terms:Date of entering lease 1 July 2019Duration of lease 5 yearsLife of asset 6 yearsUnguaranteed residual value $40,000Lease payments inception (at the start) $60,000Annual payments (5) $65,000Implied rate 11.0 % Required:Determine the Fair Value (rounded off) of the leased asset. (7 marks)

Chad Ltd negotiated a lease on the following terms: the term of the lease was 5 years; the estimated useful life of theleased equipment was 10 years; the purchase price was R60 000; and the annual lease payment was R5 000. This leaseshould be classified as_____.Select one:a.a financial leaseb.An operating leasec.neither operating nor finance leased.A finance lease