微觀經(jīng)濟(jì)學(xué)non-currentliabilities(存儲(chǔ)版)
【正文】 sor (owner of the property) and a lessee (renter of the property) ? Grants the right to use specific property for a period of time in return for cash payments PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 31 LO5 Lease liabilities continued Operating leases ? Intent is temporary use of the property by the lessee, while the lessor continues to own the property ? Lease (or rental) payments are recorded as an expense by the lessee and as revenue by the lessor ? Example PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 32 Car Rental Expense 275 Cash 275 (To record payment of lease rental charge) Lease liabilities continued Finance leases ? Contract transfers substantially all benefits and risks of ownership to lessee ? Present value of minimum lease payments are capitalised on the statement of financial position ? When a lease is deemed to be a finance lease, it requires different accounting treatment PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 33 Lease liabilities continued ? Lease should be classified as a finance lease if any of the following conditions exist: – Lease transfers ownership of the property to the lessee – Lease contains a bargain purchase option – Lease term is a major part of economic life of the leased asset – Present value of minimum lease payments amounts to at least substantially all of the fair value of the leased asset PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 34 Lease liabilities continued ? Example – Grace Ltd leases equipment for 4 years with fair value of $190 000 – Estimated economic life is 5 years – PV of minimum lease payments is $190 000 – Therefore, classified as finance lease – Entry to record transaction: PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 35 Leased Asset Equipment 190 000 Lease Liability 190 000 (To record leased asset and lease liability) Lease liabilities continued Lease illustration – On 1 July 2020 Nail Perfection leases machine for 6 years with annual rental payments of $75 000 – Economic life of machine is 7 years – Bargain purchase option at end of lease to purchase machine for $30 000 – Fair value at inception is $350 000 – Implicit interest rate is 10% PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 36 Lease liabilities continued 1 Calculation of PV of minimum lease payments 2 Initial recognition of leased asset in Nail Perfection’s accounting records PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 37 Rental payments x Discount factor = Present value $75 000 x = $326 645 Bargain purchase option $30 000 x = 16 934 PVMLP $343 579 Jul 1 Leased Machine 343 579 2020 Lease Payable 343 579 (To record initial recognition of leased asset and liability) Lease liabilities continued 3 Construction of lease repayment schedule PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 38 Lease liabilities continued 4 Entry to record first rental payment 5 Entry to record depreciation of machine on straight line basis PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 39 Jun 30 Depreciation Expense ($343 579/7) 49 083 2020 Accumulated depreciation 49 083 (To record depreciation of leased machine) Jun 30 Interest Expense 34 358 2020 Lease Liability (Payable) 40 642 Cash 75 000 (To record the payment for the lease rental) Lease liabilities continued 5 Presentation in statement of financial position PowerPoint presentation by Dr Anne Abraham, University of Western Sydney 40 Noncurrent Asset Leased Machine $343 579 Less: Accumulated Depreciation 49 083 $294 496 Liabilities Current Lease Liability(Payable) $ 44 706 Noncurrent Lease Liability(Payable) $258 231 NAIL PERFECTION PTY LTD Statement of Financial Position (extract) as at 30 June 2020 STATEMENT PRESENTATION AND ANALYSIS Presentation ? Noncurrent liabilities are reported in a separate of the statement of financi
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