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 SBW Goalposts Ltd leases a truck from the NZRU Bank so that it can deliver goalposts to its customers on 1 July 2015

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 SBW Goalposts Ltd leases a truck from the NZRU Bank so that it can deliver goalposts to its customers on 1 July 2015. Lease payments of $23.000 are required annually in advance for 5 years (payable 30 June), and a residual payment of $6,592 is required. The implicit interest rate in the lease is 10%p.a. The truck has a useful life of 10 years with a salvage value of $10,000. Required Record the necessary journal entries for SBW Goalposts on the following dates 1. 1 July 2015 2. 30 June 2016 3. 30 June 2020
Part A 0 100000 23000 23000 77000 1 23000 7700 15300 77000 61700 2 23000 6170 16830 18513 61700 44870 26357 3 44870 23000 4487 4 26357 23000 2635.7 20364.3 -599.27 5992.7 6591.97 5992.7 599.27 5 1 July 2015 100,000 Lease Asset Lease Liability 100,000 23,000 Lease Liability Cash 23,000 30 June 2016 Lease Liability Interest Cash 15,300 7.700 23,000 9,000 Amortisation Accum Amortisation 9,000