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please help me i will give good rating (C) On 1 September...

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Accounting

please help me i will give good rating

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(C) On 1 September 2020, Wilox Bhd. (Wilox) entered into a five-year lease agreement with a lessor to obtain an item of plant that has an estimated useful life of 6 years. The initial direct costs incurred by Wilox on the lease agreement amounted to RM120,000. The annual lease payment for the plant under the lease agreement is RM550,000, payable on 31 August each year starting from 31 August 2021. The implicit interest rate is 6%. Required: In accordance with IFRS 16/MFRS 16 Leases, (a) (b) Calculate the initial measurement of the lease liability and the right-of-use asset. Calculate the outstanding balance of the lease liability at the end of each of the financial years ending 31 August 2021 to 31 August 2025 using the actuarial method. Prepare relevant extracts of Wilox Bhd's financial statements for the years ended 31 August 2024 and 31 August 2025 relating to the lease agreement. (c)

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