Swinfen has sold one of its office buildings to a merchant bank and leased it back for
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Question:
Swinfen has sold one of its office buildings to a merchant bank and leased it back for years. The sale price was $m which is equivalent to the fair value of the building. The carrying amount of the building at the date of transfer was $m and the present value of the lease liability is $m
What amount of gain can be recognised in profit or loss in the year of disposal?
Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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