SBW Goalposts Ltd leases a truck from the NZRU Bank so that it can deliver...
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Accounting
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
a. 1 July 2015
b. 30 June 2016
c. 30 June 2019
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