The accountant in a small entity, Balloon Daredevils Ltd, was looking at a number of leases and
Question:
The accountant in a small entity, Balloon Daredevils Ltd, was looking at a number of leases and attempting to decide whether each was definitely a finance lease. The lease conditions were as follows:
Lease I The company could cancel the lease but would be required to compensate the lessor for any resulting losses.
Lease 2 The lease transfers ownership of the asset to Balloon Daredevils.
Lease 3 Balloon Daredevils could continue the lease for a secondary period at a rent that was sub¬ stantially lower than market rent.
Lease 4 Balloon Daredevils had the option to purchase balloons at the end of the lease at a bargain price. It had been company policy in the past to exercise this option.
Lease 5 The lease was for a specialist balloon designed to operate at high altitudes.
Lease 6 This was for a three-year rental to cover a contract to provide balloons for a client’s staff motivational courses. It was a new venture for the company and was unlikely to be repeated as the client was attempting to negotiate a price that would leave the company making losses.
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