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Posted on Aug 27, 2024

On December 31, 2020, Baby Boy Inc. sold an equipment with useful life of 20 years to Matured Girl corporation and simultaneously leased it back

On December 31, 2020, Baby Boy Inc. sold an equipment with useful life of 20 years to Matured Girl corporation and simultaneously leased it back for 1 year by Baby Inc. Annual payment that Baby Boy agreed is 500,000. Sales price is at FV worth 5,000,000 and the Carrying amount on Baby boy's books is 4,500,000. How much will be the net amount of equipment on Matured Girl's Statement of Financial Position on December 31, 2021

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