John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East. John has received 10-year licence from Victorian Government to operate the casino. He also received approval for Casino's building for a long period of time (90 years). John was instructed by the relevant Government agency to pay $180 million for the approved casino's licence and $80 million as prepaid rent covering the first 10 years of casino's rental. John has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease. With reference to relevant legislation and case law discuss whether casinos prepaid rent is considered a revenue expense or a capital expense.

Q: Ms. Landis is the president of Modern Manufacturing. Her company has developed a new 3D printer for…

A: On the basis of present value while choosing between the multiple alternatives available for…

Q: Manji

A: No journal entry is required for the closing entry for expense accounts on December 31, 2025 because…

Q: You are an employee of University Consultants, Ltd., and have been given the following assignment.…

A: The ATIRR, effective tax rate, and before-tax equivalent yield require detailed cash flow analysis…

Q: Mr. Don is the director of A-Design Inc., a federally incorporated company in Canada, specializing…

A: Depreciated cost means the depreciation to be charged to profit and loss account per year.

Q: Gavin and Holly purchased a $665,000 condominium in Toronto. They paid 20% of the amount as a down…

A: A loan is a financial contract in which one party, frequently a lender or financial institution,…

Q: Miguel has been a sales representative of the Bluegrass Trader Distillery for 10 years. One of…

A: Conflict of interest refers to the position of the subject party in which they are in a position in…

Q: Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies.…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

Q: Marilyn Ho borrowed $24,000 from Stewart Financial Enterprises. She was required to make sixteen…

A: As per the given information:To determine:The price that Brady Investment Corporation paid Stewart…

Q: What is the value of this obligation two years before it is due to a man to whom money is worth…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: A Filipino contractor in the USA plans to purchase a new office building costing P1,000,000. He…

A: Purchase price:If we buy goods, property, or any other asset we have to pay the cost of that…

Q: Mr. Don is the director of A-Design Inc., a federally incorporated company in Canada, specializing…

A: Present Value = Annuity * [ 1/( 1 + r ) + 1/( 1 + r )2 + ..... + 1/( 1 + r )n ]   r = discount rate…

Q: (a) What is the value of the CD when it matures? $ (b) Three months before the CD was due to mature,…

A: Simple interest is quite simple and there is no interest on interest and used for period less than…

Q: 4. Record the depreciation expense and any other adjusting entries related to the vehicle on…

A: The expected decline in the value of a fixed asset over the course of its use is called…

Q: Gavin and Holly purchased a $640,000 condominium in Toronto. They paid 20% of the amount as a down…

A: Equivalent Monthly Payment: It is a fixed payment to a lender   by a borrower on a specified date of…

Q: Bill is assessing an investment in one of two studio apartments in Sydney’s Potts Point as rental…

A: Capital budgeting techniques are the methods that are used to evaluate various alternatives of…

Q: Cook is a teacher. His job at a boarding school requires him to live in a house in the school…

A: Tax is the amount which an individual or business is liable to pay the government for business…

Q: Amna, an inventor, has developed an exciting new process for producing an infinite supply of energy…

A: Present value is important concept of time value of money. As per time value of money, value of $1…

Q: Gary won a lottery that will pay him $700000 at the end of each of the next twenty years. Blue…

A: Net present value (NPV) is the excess of the present value of cash inflows and the present value of…

Q: In1880 five aboriginal trackers were each promised the equivalent of 100 Australian dollars for…

A: Future value = present value *(1+rate)^n Where rate =6% N= no of years (1880 to 1998) i.e. 118 years…

Q: Mr. Gumba is planning to take a SAM his new condo, which is valued at $220,000 for mortgage (loan)…

A: The effective cost of borrowing is a comprehensive metric that goes beyond the nominal interest…

Q: Richard Rambo presently owns the Marine Tower office building, which is 20 years old, and is…

A: Let's analyze the situation step by step:Current Situation:Property purchase price: $830,400Loan…

Q: Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies.…

A: Journal Entries are the records of the transactions entered into by the organization during the…

Q: Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies.…

A: Each transaction has an effect on the following financial statements: trial balance, income…

Q: Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies.…

A: Journal entry :A journal entry is a method of recording transactions in the book of original entry…

Q: Mr. Don is the director of A-Design Inc., a federally incorporated company in Canada, specializing…

A: given data  interest rate = 5% time period = 5 years amount invested in bank account = $10000…

Q: Mr. Harrington had a new heating system installed in his office. The balance owing to the heating…

A: Here,

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.