Write about disclosures for finance leases

Reference no: EM131968536

Question: The assignment must be typed, use Axial font, 12, to avoid plagiarism, make sure you do proper referencing, at least use 6 references, to be submitted the soft copy in Turnitin and hard copy in lecture Week 10. Please ensure you attach a KOI assignment cover sheet, with ID numbers and signed.

Part A:1000 word short essay about the following:

1. Disclosures for finance leases

Part B: Provide all calculations and related journal entries for the following case:

Gali Ltd has determined that its fine china division is a CGL:. The carrying amounts of the assets at 30 June 2015 are as follows:

Account	Carrying Amount
Land	$155,200
Copyright	$36,000
Machinery	$23,000
Inventory	$10,000
Goodwill	$8,000
Total CA	$232,200

Gali Ltd calculated the value in use of the division to be: $208,200

If the fair value less costs of disposal of the Land is: $149,404

Required: Prepare the journal entry(ies) for any impairment loss occurring at 30 June 2015 including supporting calculations.

Reference no: EM131968536

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