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How each of the three properties should be accounted

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Reference no: EM132684607

Colour Limited prepares its financial statements to 31 December each year. Three issues need to be resolved before the financial statements for the year ended 31 December 2017 can be finalised.

Issue 1:

During the year ended 31 December 2017, Colour Limited purchased three identical properties: Red, Blue and Green. Further information with respect to each of the properties is provided below:

  • While Red is currently vacant, it is held to be leased out under an operating lease to an unconnected third party.
  • Blue is let to, and occupied by, a company unconnected to Colour Limited.
  • Green is used by Colour Limited as its administrative head office.

Requirement

Problem 1: Explain how each of the three properties should be accounted for in the financial statements of Colour Limited for the year ended 31 December 2017.

Reference no: EM132684607

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