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Essay about the disclosures for finance leases

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Reference no: EM132204329

The assignment must be typed, use Arial font, 12, make sure you do proper referencing, at least use 6 references.

Part A: 1000 word short essay about the following:

Disclosures for finance leases

Part B: Provide all calculations and related journal entries for the following case:

"Gali Ltd has determined that its fine china division is a CGU. The carrying amounts of the assets at 30 June 2015 are as follows:"

Account Carrying Amount
Land $695,700
Patent $160,000
Building $101,000
Inventory $43,000
Goodwill $36,000
Total CA $1,035,700

Gali Ltd calculated the value in use of the division to be: $927,700
If the fair value less costs of disposal of the   Land is: $669,522

Required

Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.

Attachment:- Assignment.zip

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The paper is in relation to the accounting for finance lease by the lessee. The accounting for finance lease affects all the major financial of the lessee viz. balance sheet, income statement and the cash flow statement. The finance lease is identified using the criteria's discussed in the paper. Moreover, the impairment loss have been identified and calculated along with journal entry being passed for the same.

Reference no: EM132204329

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