Solution-Write the amount that would be recognised as lease

Write the amount that would be recognised as lease liability

Assignment Help Financial Accounting

Reference no: EM132503691

On 1 July 20X1 Lessee Ltd leased some equipment from Lessor Ltd. The details of the lease arrangement are as follows:

The lease term was for 7 years
The interest rate implicit in the arrangement was 9%
The lessee paid an amount of $22,000 per annum to the lessor commencing on 1 July 20X1
The residual value at the end of the lease term was $17,000 of this, an amount of $12,000 was guaranteed by the lessee
$4,000 is the amount of the residual value guarantee that was expected to be payable by the lessee to the lessor at the end of the lease term

Required

Question 2: Write in the box below the amount that would be recognised as the Lease Liability by Lessee Ltd at the commencement of the lease in accordance with the requirements of AASB 16

Reference no: EM132503691

Questions Cloud

Prepare the appropriate journal entry to record the exercise : Prepare the appropriate journal entry to record the exercise of 75% of the options on March 12, 2023, when the market price is $2 per share

Calculate the gross profit for the first year of trading : Calculate the gross profit for the first year of trading. Green started trading on I January 2018 he has the following figures for the first year of trading

What will the carrying value of the deferred tax asset : $300,000 net operating loss carryforward from Year 1. What will the carrying value of the deferred tax asset be on the balance sheet at the end of Year 2?

What is the inflation rate in korea and in japan : What is the inflation rate in Korea and in Japan? What is the expected rate of depreciation in the Korean won relative to the Japanese yen?

Write the amount that would be recognised as lease liability : Write the amount that would be recognised as the Lease Liability by Lessee Ltd at the commencement of the lease in accordance

What is the schedule showing the distribution of net income : Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. What is the schedule showing the distribution of net income

Forecast demand for seats over the next two : Imagine that you are an airline attempting to forecast demand for seats over the next two or three years. What do you think could be used as leading indicators?

Forecast demand for seats : Imagine that you are an airline attempting to forecast demand for seats over the next two or three years. What do you think could be used as leading indicators?

Question - Dividing Net Income : Question - Dividing Net Income. How Prepare a schedule showing the distribution of net income. Journalize the allocation of net income

User Account

All Pages

Write the amount that would be recognised as lease liability

Reference no: EM132503691

Reference no: EM132503691

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT