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Lease Accounting Summary and Figures

The document outlines financial information for a company's leasing activities in 2021 and 2022, including amounts capitalized for right of use assets, depreciation expenses, total expenses, initial lease liability, current and noncurrent lease liability balances, carrying values of right of use assets and leasehold improvements, net investment amounts, income to be recognized from lease bonuses and financially, and current and noncurrent lease receivable balances.

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250 views1 page

Lease Accounting Summary and Figures

The document outlines financial information for a company's leasing activities in 2021 and 2022, including amounts capitalized for right of use assets, depreciation expenses, total expenses, initial lease liability, current and noncurrent lease liability balances, carrying values of right of use assets and leasehold improvements, net investment amounts, income to be recognized from lease bonuses and financially, and current and noncurrent lease receivable balances.

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Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

The amount to be capitalized by lessee to right of use asset (RUA) will be

(round off answer to nearest thousands) 848,000

The total depreciation expense for the year 2021 is (round off answer to the
nearest thousands) 127,000

The total expense for the year 2022 is (round off answer to the nearest
thousands) 191,000

The initial amount of lease liability is (round off answer to the nearest
thousands) 758,000

At the end of 2021, the current portion of lease liability is (round off answer
to the nearest thousands)137,000

The total carrying value of RUA and leasehold improvement at the end of
2022 is 694,000

At XYZ’s perspective, the amount of net investment is (round off answer to


the nearest thousands) 758,000

At the end of 2022, the noncurrent portion of lease liability is (round off
answer to the nearest thousands) 347,000

At XYZ’s perspective, the total amount of income to be recognized


assuming the lease bonus is recognized immediately through profit or loss
shall be (round off answer to the nearest thousands) 116,000

At XYZ’s perspective, the total financial income to be recognized for the


entire term of the lease is (round off answer to the nearest thousands)
215,000

At the end of 2022, the current portion of lease receivable is (round off
answer to the nearest thousands) 150,000

At the end of 2021, the noncurrent portion of lease receivable is (round off
answer to the nearest thousands) 497,000

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