The following journal entry,in the books of Lessee Pty Plc,records the entry for the depreciation expense at 30 June 2014.The lease term is of five years duration.Which of the following statements is correct?
30 June 2014 $$\begin{array} { | l | l | l | l | }
\hline \text { Dr } & \text { Lease depreciation expense } & 103274 & \
\hline \mathrm { Cr } & \text { Accumulated depreciation-leased asset } & & 103274 \
\hline
\end{array}$$ (to record depreciation expense [(£739,648 - £120,000)/6]

Question

The following journal entry,in the books of Lessee Pty Plc,records the entry for the depreciation expense at 30 June 2014.The lease term is of five years duration.Which of the following statements is correct?
30 June 2014 $$\begin{array} { | l | l | l | l | } 
\hline \text { Dr } & \text { Lease depreciation expense } & 103274 & \
\hline \mathrm { Cr } & \text { Accumulated depreciation-leased asset } & & 103274 \
\hline
\end{array}$$ (to record depreciation expense [(£739,648 - £120,000)/6]

Quizplus · Accepted Answer

The Answer of The following journal entry,in the books of Lessee Pty Plc,records the entry for the depreciation expense at 30 June 2014.The lease term is of five years duration.Which of the following statements is correct?
30 June 2014 $$\begin{array} { | l | l | l | l | } 
\hline \text { Dr } & \text { Lease depreciation expense } & 103274 & \
\hline \mathrm { Cr } & \text { Accumulated depreciation-leased asset } & & 103274 \
\hline
\end{array}$$ (to record depreciation expense [(£739,648 - £120,000)/6]

The Following Journal Entry,in the Books of Lessee Pty Plc,records