Z entered into a finance lease agreement on 1 November 20X2. The lease was for five years, the fair value of the asset acquired was USD 45,000 and the interest rate implicit in the lease was 7%. The annual payment was USD 10,975 in arrears.What is the total amount owing under the lease at 31 October 20X4?
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1 .The following measures relate to a non-current asset:(1) Carrying amount USD20,000(2) Net realisable value USD18,000(3) Value in use USD22,000(4) Replacement cost USD50,000What is the recoverable amount of the asset?
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2 .The balance is payable in two annual instalments commencing 31 December 20X7.The rate of interest implicit in the contract is approximately 12%.Applying the requirements of IAS 17 Leases what is the finance charge to profit or loss for the year ended 31 December 20X7?
A USD 1,080 B USD 1,440 C USD 1,620 D USD 2,160
3 .IAS 17 Leases requires a lessee to capitalise a finance lease at which of the following amounts?
A Fair value of the leased asset B Present value of the minimum lease payments C Lower of fair value of the leased asset and present value of the minimum lease payments D Lower of minimum lease payments and fair value of leased asset
4 .Alpha enters into a lease with Omega of an aircraft which had a fair value of USD 240,000 at the inception of the lease. The terms of the lease require Alpha to pay 10 annual rentals of USD 36,000 in arrears. Alpha is totally responsible for the maintenance of the aircraft which has a useful life of approximately fifteen years.The present value of the 10 annual rentals of USD 36,000 discounted at the interest rate implicit in the lease is USD 220,000.Applying the requirements of IAS 17 Leases to this lease what is the increase in Alpha’s non-current assets?
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5 .Acor is planning to acquire a new machine, which would cost USD 1,750,000. The acquisition will be financed through a finance lease agreement, which has an implicit interest rate of 13% per annum. The lease is for four years and Acor is required to make four annual payments of USD 520,000, with the first payment due on commencement of the lease agreement.There is uncertainty regarding title of the asset at the end of the lease period.Acor’s usual policy is to depreciate similar machinery over five years on the straight line basis.What is the correct total charge to profit or loss for the first year of the lease?
A USD 509,900 B USD 577,500 C USD 597,400 D USD 665,000
7 .On 1 January 20X1 a company purchased some plant. The invoice showed: Modifications to the factory building costing USD 2,200 were necessary to enable the plant to be installed.What amount should be capitalised for the plant in the company’s records in accordance with IAS 16 Property, Plant and Equipment?
A USD 48,000 B USD 48,400 C USD 50,600 D USD 51,400
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