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QU Books Ltd, as a lessee, enter into a lease agreement with the following terms:...

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Accounting

QU Books Ltd, as a lessee, enter into a lease agreement with the following terms: lease term is 4 years, commencing on 1 January 2021 4 annual lease payments of $28,000 at the end of each financial year (i.e., 31 December) residual value of $18,000 at the end of the lease term is not guaranteed by QU Books Ltd interest rate implicit in the lease is 8% Do not include commas and dollar sign ($) in your answer. Present $1,000 as 1000.

What is the carrying amount of Right-of-use Asset that QU Books Ltd should record on its balance sheet as at 1 January 2021?

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