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Hi,
If I have:
Present Value of future lease costs = 10,250 and
Lease Administration Fee = 250
Then the Right of Use asset is 10,500But the lease liability is 10,250.
If I
Debit Right of Use Asset 10,500
Credit Lease Liability 10,250the entry doesn’t balance.
I don’t know how to post this entry?
If you wish to ask the tutor directly then kindly start a thread in Ask the Tutor forums. This forum is for students to help each other.
The lease administration costs will presumably be paid for in cash, hence the credit entry will be in cash account.
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