INTERMEDIATE ACCOUNTING
8th Edition
ISBN: 9780078096488
Author: SPICELAND
Publisher: MCG
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Chapter 15, Problem 11CPA
To determine
Lease
Lease is a contractual agreement whereby the right to use an asset for a particular period of time is provided by the owner of the asset to the user of the asset. The owner, who possesses the asset, is termed as ‘Lessor’ and user, to whom the right is transferred to, is termed as ‘Lessee’.
Sales-type lease/Finance lease
Sales type/Finance lease in parallel type of direct financing whereby the owner (lessor) purchases the equipment to lease it and received the interest revenue over the period of lease for equipment, apart from the recognition of profit from sale of equipment.
Operating Lease
This type of lease refers to the lease where the lessor permits the lessee to make use of the asset for a specified time period by charging rent without actual transfer of ownership of the asset which is leased. This type of lease cancellable and is of short term.
To Determine: when a sale-leaseback transaction occurs, if the leaseback is considered to be an operating lease, and the lease payments and sales price are at fair value, then how the gain on sale is treated.
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Chapter 15 Solutions
INTERMEDIATE ACCOUNTING
Ch. 15 - Prob. 15.1QCh. 15 - Prob. 15.2QCh. 15 - Prob. 15.3QCh. 15 - Q 15–4
Former IASB chairman David Tweedie has...Ch. 15 - Prob. 15.5QCh. 15 - Prob. 15.6QCh. 15 - Lukawitz Industries leased non-specialized...Ch. 15 - Prob. 15.8QCh. 15 - Prob. 15.9QCh. 15 - Q 15–10 What are executory costs? How are they...
Ch. 15 - The discount rate influences virtually every...Ch. 15 - A lease might specify that lease payments may be...Ch. 15 - The lessors initial direct costs often are...Ch. 15 - When are initial direct costs recognized in an...Ch. 15 - Q 15–15 What are the required lease disclosures...Ch. 15 - Prob. 15.16QCh. 15 - Prob. 15.17QCh. 15 - Prob. 15.18QCh. 15 - Prob. 15.19QCh. 15 - Prob. 15.20QCh. 15 - Prob. 15.21QCh. 15 - Prob. 15.22QCh. 15 - Prob. 15.23QCh. 15 - Operating lease LO154 (Note: Brief Exercises 8...Ch. 15 - Operating lease LO154 At the beginning of its...Ch. 15 - Prob. 15.3BECh. 15 - Prob. 15.4BECh. 15 - Prob. 15.5BECh. 15 - Prob. 15.6BECh. 15 - Prob. 15.7BECh. 15 - Finance lease; lessee; balance sheet effects ...Ch. 15 - Prob. 15.9BECh. 15 - Prob. 15.10BECh. 15 - Prob. 15.11BECh. 15 - Purchase option; lessor; sales-type lease LO152,...Ch. 15 - Prob. 15.13BECh. 15 - Prob. 15.14BECh. 15 - Prob. 15.1ECh. 15 - Prob. 15.2ECh. 15 - Prob. 15.3ECh. 15 - Prob. 15.4ECh. 15 - Prob. 15.5ECh. 15 - Prob. 15.6ECh. 15 - Prob. 15.7ECh. 15 - Prob. 15.8ECh. 15 - Prob. 15.9ECh. 15 - Prob. 15.10ECh. 15 - Prob. 15.11ECh. 15 - Prob. 15.12ECh. 15 - Prob. 15.13ECh. 15 - Prob. 15.14ECh. 15 - Prob. 15.15ECh. 15 - Prob. 15.16ECh. 15 - Prob. 15.17ECh. 15 - Prob. 15.18ECh. 15 - Prob. 15.19ECh. 15 - Prob. 15.22ECh. 15 - Prob. 15.23ECh. 15 - Prob. 15.24ECh. 15 - Prob. 15.25ECh. 15 - Prob. 15.26ECh. 15 - Prob. 15.27ECh. 15 - Prob. 15.28ECh. 15 - Prob. 15.29ECh. 15 - Prob. 15.30ECh. 15 - Prob. 15.31ECh. 15 - Prob. 15.32ECh. 15 - Prob. 1CPACh. 15 - Prob. 2CPACh. 15 - Prob. 3CPACh. 15 - Prob. 4CPACh. 15 - Prob. 5CPACh. 15 - Prob. 6CPACh. 15 - Prob. 7CPACh. 15 - Prob. 8CPACh. 15 - Prob. 9CPACh. 15 - Prob. 10CPACh. 15 - Prob. 11CPACh. 15 - Prob. 1CMACh. 15 - Prob. 2CMACh. 15 - Prob. 3CMACh. 15 - Prob. 15.1PCh. 15 - Prob. 15.2PCh. 15 - Prob. 15.3PCh. 15 - Prob. 15.4PCh. 15 - Prob. 15.5PCh. 15 - Prob. 15.6PCh. 15 - Prob. 15.7PCh. 15 - Prob. 15.8PCh. 15 - Prob. 15.9PCh. 15 - Prob. 15.10PCh. 15 - P 15–11
Operating lease to lessee—capital lease to...Ch. 15 - Prob. 15.12PCh. 15 - Prob. 15.13PCh. 15 - Prob. 15.14PCh. 15 - Prob. 15.15PCh. 15 - Prob. 15.16PCh. 15 - P 15–17
Integrating problem; bonds; note;...Ch. 15 - Prob. 15.18PCh. 15 - Prob. 15.19PCh. 15 - Prob. 15.20PCh. 15 - Prob. 15.21PCh. 15 - Prob. 15.22PCh. 15 - Research Case 151 FASB codification; locate and...Ch. 15 - Ethics Case 153 Leasehold improvements LO153...Ch. 15 - Prob. 15.5BYPCh. 15 - Prob. 15.6BYPCh. 15 - Prob. 15.7BYPCh. 15 - Prob. 15.9BYPCh. 15 - Prob. 15.1AFKC
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Accounting for Finance and Operating Leases | U.S. GAAP CPA Exams; Author: Maxwell CPA Review;https://www.youtube.com/watch?v=iMSaxzIqH9s;License: Standard Youtube License