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Bello Ltd. requires funds to finance a new ambitious rebranding exercise. The only possible way of raising finance is through the sale and leaseback of its head office building for a period of 10 years. The lease payments of $1 million are to be made at the end of the lease period.
Required
Based on IFRS 16- Leases, advise Bello Ltd on how to account for the sale and leaseback in its financial statements if the office building were to be sold at the fair value of $10 million in the situation where:
Question (a) The transfer of asset obligations are not satisfied; and
Question (b) Where the transfer of asset obligations are satisfied.
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