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For assets which are purchased and then leased out
How do you account for such items?
The following is from your syllabus re leasing:
“B6
Leasing
a) Account for right of use assets and lease liabilities in the records of the lessee
b) Explain the exemption from the recognition criteria for leases in the records of the lessee
c) Account for sale and leaseback agreements”
I see nothing in there about lessor accounting!
Do you?
Lessor accounting is a thrill that awaits you around the P2 corner
OK?
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