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Indiana Ltd decided to lease from Jones Ltd a car that had a fair

value at 30 June 2019 of $38 960. The lease agreement contained the following provisions.

The expected useful life of the vehicle is 5 years. At the end of the 3-year lease term, the car was returned to Jones Ltd, which sold it for $10 000. The annual rental payments include an amount of $1200 to cover the cost of maintenance and insurance arranged and paid for by Jones Ltd. Interest rate is 5% pa

(a) prepare the leasepayments schedule for Indiana Ltd (show all workings) (20marks)

Step-by-step answer

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