Mathematics, 18.05.2021 14:00 maddiiie128
Anumpa Ltd leased an item of Machinery from Imlie Ltd for a period of five years. The Machinery has a useful life of 12 years. There is no purchase option available at the end of the lease term. The monthly rental lease payment is $90,000 over the next five years. The following are additional details pertaining to the lease agreement: Rent in advance $2,000 Term in years 5 Interest rate implicit 6% Fair value of leased assets $5,500,000 PV of Lease Payments $4,500,000 Total lease payments ? Required: a) Calculate the total lease payments. (2 marks) b) Classify the lease under IAS 17. Provide reasons (show calculations) to support your answer. (5 marks) c) How would the current lease be recognized under IFRS 16? (5 marks) d) Prepare a lease schedule and provide journal entries in the books of Anumpa Ltd for the first 3 years of lease agreement. (18 marks) Assume interest expense for the five years are calculated as follows: Year Interest Expense 1 $420,000 2 $212,000 3 $188,000 4 $48,000 5
Answers: 3
Mathematics, 21.06.2019 21:40
What is the value of x in the equation 1.5x+4-3=4.5(x-2)?
Answers: 2
Mathematics, 21.06.2019 23:40
Let x = a + bi and y = c + di and z = f + gi. which statements are true?
Answers: 1
Mathematics, 22.06.2019 00:30
The power generated by an electrical circuit (in watts) as a function of its current c (in amperes) is modeled by p(c)= -15c(c-8) what current will produce the maximum power?
Answers: 1
Anumpa Ltd leased an item of Machinery from Imlie Ltd for a period of five years. The Machinery has...
Mathematics, 27.10.2020 21:10
Computers and Technology, 27.10.2020 21:10
English, 27.10.2020 21:10
Advanced Placement (AP), 27.10.2020 21:10
English, 27.10.2020 21:10
Mathematics, 27.10.2020 21:10
Mathematics, 27.10.2020 21:10
Biology, 27.10.2020 21:10
Mathematics, 27.10.2020 21:10
Mathematics, 27.10.2020 21:10