Provide the entries for the sale and leaseback in the books of Lisa Ltd as at 1 July 2015. (b) Provide the entries for the purchase and lease in the books of Anderson Ltd as at 1 July 2015

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Provide the entries for the sale and leaseback in the books of Lisa Ltd as at 1 July 2015. (b) Provide the entries for the purchase and lease in the books of Anderson Ltd as at 1 July 2015Question 2: (Marks 20)Owing to low liquidity, Lisa Ltd decides on 1 July 2015 to sell its land and buildings to Anderson Ltd. The carrying values of the land and buildings in the books of Lisa Ltd, at 1 July 2015, are:Land at Cost $1800000Building at Cost $1750000Accumulated Depreciation $350000The land and building are sold for $4334700(their fair value), with the amount being allocated equally as follows:Land $ 2167350Building $ 2167350Immediately following the sale, Lisa Ltd decides to lease back the land and buildings from Anderson Ltd. The term of the lease is 20 years. The implicit interest rate in the lease is 12 per cent. It is expected that the buildings will be demolished at the end of the lease term. The lease is non-cancellable, returns the land and buildings to Anderson Ltd at the end of the lease, and requires the following lease payments:Payment on inception of the lease on 1 July 2015 $600000Payment o 30th June each year starting 30 June 2016 $500000There is no residual payment required.REQUIRED (a) Provide the entries for the sale and leaseback in the books of Lisa Ltd as at 1 July 2015. (b) Provide the entries for the purchase and lease in the books of Anderson Ltd as at 1 July 2015. (c) Provide the entries in the books of Lisa Ltd as at 30 June 2025. (d) Provide the entries in the books of Anderson Ltd as at 30 June 2025.Please note that for Building you have to use financial lease and for land operating lease method. . TODAY AND GET AN AMAZING DISCOUNT The post Provide the entries for the sale and leaseback in the books of Lisa Ltd as at 1 July 2015. (b) Provide the entries for the purchase and lease in the books of Anderson Ltd as at 1 July 2015 appeared first on Term Paper Tutors.”Do you need a similar assignment done for you from scratch? We have qualified writers to help you with a guaranteed plagiarism-free A+ quality paper.