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Hi Dear Tutor, I have a question.
the example in opentuition named as Apple when it the performance obligation is not satisfied
in the case of no sale.
seller-lessee
continue to recognise the asset
recognisae the liabilitydebit asset-1000000
credit lease liability-10000000do i recognise the asset @ 8.4 mln or 10 mln?
do my double entries are correct from lessee side?do not recognise the asset
recognise the financial asset(proceeds)buyer-lessor
debit receivable–1000000
credit asset–10000000do my double entries are corriect from lessor side?
asset – continue to recognise at existing carrying amount
liability – recognise at amount of cash received from the ‘purchaser’
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