Requirements in PN for ASC842/IFRS16

We have the
following requirement as part of ASC842 / IFRS16

Rent Payment – Jan 2017 to Dec 2019 is $1,000 per month

Lease Expense - $900 per month under ASC 842 & IFRS16

On Feb 1, 2019, CPI changed from 125
to 135, rent payment increased to $1,200 per month

Impact of change
under ASC 842

No change to ROU Asset & Lease Liability (no
remeasurement)

Feb 19, Dr. Lease Expense – variable lease cost     200$

               Cr. Cash               200$

Impact of change
under IFRS 16

Lease liability & ROU Assets are re measured

Assumed new Lease Expenses increased to $1,050/month Feb –
Dec 2019

Feb 19, Dr. Amortization Expense

               Cr.
Accumulated Amortization Expense

               Dr.
Interest Expense

               Cr.
Lease Liability

               Dr.
Lease Liability

               Cr.