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Question - Lucky Corp has entered into a lease of property whereby the title to the land does not pass to the entity at the end of the lease but the title to the building passes after 15 years. The lease commenced on July 1, 2020, when the value of the land was Php54 million and the building value was Php18 million. Annual lease rentals paid in arrears commencing on June 30, 2021, are Php6 million for land and Php2 million for buildings. The entity has allocated the rentals on the basis of their relative fair values at the start of the lease. The payments under the lease terms are reduced after every 6 years, and the minimum lease term is 30 years. The net present value of the minimum lease payments at July 1, 2020, was Php40 million for land and Php17 million for buildings. The buildings are written off on the straight-line basis over their useful life of 15 years. Assume an effective interest rate of 7%. Discuss how Lucky Corp should treat this lease under PFRS 16?
The Super Bowl Company makes and sells glass bowls. Based on the sales budget, what is the budgeted level of sales (in dollars) for the month of February
Each of the following items may be classified as operating or financing activities under IFRS exceptinterest paid or dividends paid or dividends received or all of these answer choices may be classified as such
Why do we spend so much of our resources fighting death? What are the implications (for our economy, our resources) of a longer-lived population?
Review the chapter's opening feature about Matt and Bryan Walls, and their start-up company, SnorgTees. Assume that these young entrepreneurs are considering.
What are the major ethical issues in this case? What laws, if any, are applicable to the decision?
How did the proportion of total liabilities change relative to the proportion of shareholders' equity? What does this imply about changes in Wal-mart's leverage
Dolley Inc. constructed a machine at a total cost of $60 million. Ignoring income taxes, what journal entry(s) should Dolley record relating to the machine
Explain treasury stock, and why treasury stock decreases stockholders equity. Why would a company purchase Treasury Stock
Who are the stakeholders in this situation and is the proposed change in asset life unethical, or is it simply a good business practice by an astute president?
Compute the equivalent units of production for the first department for April, assuming the company uses the weighted-average method of accounting for units and costs.
What per-unit cost figure is relevant for setting a minimum selling price on these units
Williams Medical Center, Inc. is a small health care provider owned by a publicly held corporation. Produce Context Diagram from scenario above
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