On 1 January 2023, Glassmere Ltd (which prepares accounts to 31 December) enters into a lease for
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On 1 January 2023, Glassmere Ltd (which prepares accounts to 31 December) enters into a lease for the use of an asset. Details of the lease agreement are as follows:
Glassmere Ltd will obtain legal ownership of the asset at the end of the lease term. The company calculates depreciation on the straight-line basis.Calculate the finance charge and the depreciation charge which should be shown in the company's financial statements for each of the years to 31 December 2023, 2024, 2025, 2026 and 2027. Also calculate the liability to the lessor at the end of each year and show how this should be split between current liabilities and non-current liabilities.
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The initial lease liability is 6595 x 111 111 2 111 3 111 4 20905 The finance charge for ...View the full answer
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Related Book For 
International Financial Reporting a practical guide
ISBN: 9781292439426
8th Edition
Authors: Alan Melville
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