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Discuss any additional disclosures in financial statements

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Question - The company's new manufacturing plant building, which cost $600,000 and has an estimated life of 25 years, is leased from the First National Bank at an annual rental of $100,000. The company is obligated to pay property taxes, insurance, and maintenance. At the conclusion of its 10-year non-cancelable lease, the company has the option of purchasing the property for $1. In Super Electronic's income statement, the rental payment is reported on a separate line. Discuss any additional disclosures in the financial statements and footnotes that the auditor should recommend to his client.

Reference no: EM133033290

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