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Gajah Terbang Bhd is an aviation company that provides air transport services for travelling passengers and freight (goods). Gajah Terbang Bhd is expanding its operations and is in the process of selecting the method of financing to acquire aircrafts. After some investigation, Gajah Terbang Bhd determines that it may (1) issue bonds and use the proceeds to purchase the needed aircrafts or (2) lease the aircrafts on a long term basis.
REQUIRED:
Problem A. (a) Without knowing the comparative costs involved, discuss THREE (3) advantages and disadvantages of leasing the aircrafts instead of owning them. (b) Identify the recognized lease accounting methods for Gajah Terbang Bhd and explain the difference between the methods.
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