Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Management Posted 15 Oct 2017 My Price 6.00

fair value of the machine

On 1 January 2011, a company which prepares financial statements to 31 December each year acquires a machine on a finance lease. The fair value of the machine on 1 January 2011 is £50,000 and the company is required to make three lease payments of £19,753 each. These payments fall due on 31 December 2011, 2012 and 2013. The rate of interest implicit in the lease is 9% per annum.
Assuming that the total finance charge is allocated to accounting periods using the actuarial method, calculate the liability to the lessor at 31 December 2011 and show how this should be split between current and non-current liabilities.
 
  Total £34,747, Non-current £18,121, Current £16,626
  Total £34,747, Non-current £16,626, Current £18,121
  Total £32,970, Non-current £16,485, Current £16,485
  Total £34,747, Non-current £14,994, Current £19,753

 

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Maurice Tutor
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Status NEW Posted 15 Oct 2017 01:10 PM My Price 6.00

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