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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7 .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?
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