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ACCTN202-25A (HAM) - Intermediate Financial Accounting
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Equity like preference shares
I.
II.
III. participate in the profits of an entity
IV.
When the coupon rate of a debenture is higher than the market interest rate:
When the coupon rate of a debenture is lower than the market interest rate:
Dividends paid to debt like preference are:
Equity like preference shares are classified in the balance sheet as:
Debt like preference shares are classified in the Balance Sheet as:
Big Limited entered into a non-cancellable, seven-year lease agreement with Small Limited on 1 January 2020. The lease was for a factory equipment that is expected to have an economic life of eight years, after which time it will have no salvage value. There is a bargain option, which Small Limited will be able to exercise at the end of the seventh year, for $140,000. Big Limited manufactured the equipment at a cost of $3,200,000. There are to be seven annual instalments of $1,300,000 per annum to be paid at the end of each year. Included in the annual lease payment is an amount of $20,000 per annum representing payment to Big Limited for the insurance and maintenance of the equipment. The equipment is to be depreciated using straight-line method. The rate of interest implicit in the lease is 15 per cent. The journal entries in the books of Big Limited to record the annual lease payments received as at 31 December 2020 are:
Big Limited entered into a non-cancellable, seven-year lease agreement with Small Limited on 1 January 2020. The lease was for a factory equipment that is expected to have an economic life of eight years, after which time it will have no salvage value. There is a bargain option, which Small Limited will be able to exercise at the end of the seventh year, for $140,000. Big Limited manufactured the equipment at a cost of $3,200,000. There are to be seven annual instalments of $1,300,000 per annum to be paid at the end of each year. Included in the annual lease payment is an amount of $20,000 per annum representing payment to Big Limited for the insurance and maintenance of the equipment. The equipment is to be depreciated using straight-line method. The rate of interest implicit in the lease is 15 per cent. The journal entries in the books of Small Limited to record the lease transaction on 1st January 2020 are
Which one of the following statements is incorrect:
Which of the following statements is/are true in relation to a finance lease:
I. A lease that transfers substantially all the risks and rewards incidental to ownership of an underlying asset.
II. Accounting for finance lease follows the principle of “substance over form”.
III. the lessee has the option to purchase the underlying asset at a price that is expected to be sufficiently lower than the fair value
IV. at the inception date, the present value of the lease payments amounts to at least substantially all of the fair value of the underlying asset.