Explain the control procedures that can be used to achieve the control over computer operations and control over the computerized processing in an end-user computing environment.

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Chapter H, Problem 22RC

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Explain the control procedures that can be used to achieve the control over computer operations and control over the computerized processing in an end-user computing environment.

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Zanzibar Limited entered into a lease agreement on July 1 2016 to lease some highly customized hydraulic equipment to Kaizen Limited. The fair value of the equipment as at that date was $ 700,000. The terms of the lease agreement were:Lease term5 yearsEquipment economic life6 yearsAnnual rental payment, in arrears (commencing June 30th 2017)$160,000Equipment residual value$100,000Guaranteed residual value by Zanzibar$60,000Incremental borrowing rate8%Interest rate implicit in the lease6%Note: the lease is cancellable but only with Zanzibar’s permissionAt the end of the lease term, the equipment is to be returned to Zanzibar Limited. On July 1, 2016, Zanzibar incurred $12,000 in legal fees for setting up the lease. The annual rental payment includes $10, 000 to reimburse the lessor for maintenance fees incurred on behalf of the lessee.Requirements:a)Discuss the nature of the lease using the appropriate criteria. Justify your answer using calculations where applicableb)Prepare the lease…