The following journal entry,in the books of Lessee Pty Limited,records the entry for the depreciation expense at 30 June 2012.The lease term is of 5 years duration.Which of the following statements is correct?
30 June 2012 $$\begin{array} { | l | l | l | l | }
\hline \text { Dr } & \text { Lease depreciation expense } & 103274 & \
\hline \mathrm { Cr } & \text { Accumulated depreciation-leased asset } & & 103274 \
\hline
\end{array}$$ (to record depreciation expense [(739,648 - 120,000)/6]

Question

The following journal entry,in the books of Lessee Pty Limited,records the entry for the depreciation expense at 30 June 2012.The lease term is of 5 years duration.Which of the following statements is correct?
30 June 2012 $$\begin{array} { | l | l | l | l | } 
\hline \text { Dr } & \text { Lease depreciation expense } & 103274 & \
\hline \mathrm { Cr } & \text { Accumulated depreciation-leased asset } & & 103274 \
\hline
\end{array}$$ (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 Limited,records the entry for the depreciation expense at 30 June 2012.The lease term is of 5 years duration.Which of the following statements is correct?
30 June 2012 $$\begin{array} { | l | l | l | l | } 
\hline \text { Dr } & \text { Lease depreciation expense } & 103274 & \
\hline \mathrm { Cr } & \text { Accumulated depreciation-leased asset } & & 103274 \
\hline
\end{array}$$ (to record depreciation expense [(739,648 - 120,000)/6]

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