Amirante SA manufactures an X-ray machine with an estimated life of 12 years and leases it to
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Instructions
a. Discuss the nature of this lease in relation to the lessor and compute the amount of each of the following items.
1. Lease receivable at commencement of the lease.
2. Sales price.
3. Cost of sales.
b. Prepare a 10-year lease amortization schedule for Amirante, the lessor.
c. Prepare all of the lessor's journal entries for the first year.
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Related Book For
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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