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Sales and lease back

Forums › ACCA Forums › ACCA FR Financial Reporting Forums › Sales and lease back

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by mrjonbain.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • July 27, 2021 at 6:59 pm #629605
    Atareubei
    Member
    • Topics: 2
    • Replies: 1
    • ☆

    Dear all, I’m really confused by this question
    I don’t know why the answer is confirmed that It’s not a transaction of selling or It’s financial loan.

    On 1 January 20X4, Stark entered into a sale and leaseback of its property. When it was sold,
    the asset had a carrying amount of $6 million and a remaining life of 10 years Stark sold the
    asset for $7 million and leased it back on a 10 year lease, paying $1 million on 31 December
    each year. The lease carried an implicit interest rate of 7%.
    What is the total expense that should be recorded in the statement of profit or loss for the
    year ended 31 December 20X4?
    $________________ ,000

    Thank you very much

    July 28, 2021 at 11:48 am #629662
    mrjonbain
    Moderator
    • Topics: 1
    • Replies: 1557
    • ☆☆☆☆☆

    Not entirely sure what you are asking with the above question. Is the answer $490000? Please give additional information.Hope I can be helpful.

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