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West England ltd leased asset (lessee) using a straight line basis over the life of lease and the details of which are: Cost of asset
West England ltd leased asset (lessee) using a straight line basis over the life of lease
and the details of which are:
- Cost of asset (=Fair Value) 100,000
- Commencement date 1.1.Year 1
- Term 5 years
- Rentals payable in advance, each 1 January 26,000
- Interest rate per annum 15.15%
REQUIRED
- Prepare the lease table for the West England LTD (lessee) and how would this lease be disclosed in the financial statements (balance sheet and income statement of West England Co over five years?
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Intermediate Accounting
Authors: kieso, weygandt and warfield.
14th Edition
9780470587232, 470587288, 470587237, 978-0470587287
