Oriole Ltd., a public company following IFRS, recorded a right-of-use asset and lease liability at $193,050 on May 1, 2023. The interest rate is 12%. Oriole made the first lease payment of $32,349 on May 1, 2023. The lease requires a total of 9 annual payments. The equipment has a useful life of 9 years with no residual value. Prepare Oriole's December 31, 2023 adjusting entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record interest) (To record depreciation expense) Debit 11 Credit ||||
Oriole Ltd., a public company following IFRS, recorded a right-of-use asset and lease liability at $193,050 on May 1, 2023. The interest rate is 12%. Oriole made the first lease payment of $32,349 on May 1, 2023. The lease requires a total of 9 annual payments. The equipment has a useful life of 9 years with no residual value. Prepare Oriole's December 31, 2023 adjusting entries. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record interest) (To record depreciation expense) Debit 11 Credit ||||
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Oriole Ltd., a public company following IFRS, recorded a right-of-use asset and lease liability at $193,050 on May 1, 2023. The interest
rate is 12%. Oriole made the first lease payment of $32,349 on May 1, 2023. The lease requires a total of 9 annual payments. The
equipment has a useful life of 9 years with no residual value.
Prepare Oriole's December 31, 2023 adjusting entries. (List all debit entries before credit entries. Credit account titles are
automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"
for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)
Date Account Titles and Explanation
Dec. 31
Dec. 31
(To record interest)
(To record depreciation expense)
Debit
|||
Credit
LI
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