sir, why we are taking interest expense $77685 and lease liability $70186 here the entry would be dr interest exp $83600 and liability payable (principal) $64271
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For Number 2, how come there was not a journal entry for amortization expense of the ROU on the lessee's side?
Great Explanation.
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I think, in the 3rd example, the Gain should have been recognized ?
sir, why we are taking interest expense $77685 and lease liability $70186 here the entry would be dr interest exp $83600 and liability payable (principal) $64271
Professor Farhat - could you please explain as to why COGS, Sales Revenue was recognised in the 3rd Question.
Perfect explanation
Glad you think so! Please take a took at my FAR resources: farhatlectures.pathwright.com/library/?category=CPA+Exam+FAR
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Thanks my lecturer .. i am beginner
You are welcome. Please check my website for more resources such as PPT slides, multiple choice questions, trues/false and exercises.
✔farhatlectures.com/
✔Instagram: @farhatlectures
✔ Linkedin: www.linkedin.com/in/professorfarhat/
✔Facebook:@accountinglectures
✔Twitter: @farhatlectures
🎤Email: Mansour.farhat@gmail.com
what is operating lease ?, is it the lease sale from MM to NMEG
Do not under stand for question 3, do not recognize a gain for MM ?
Can we combine first two entries to be: Dr Rou 2090000, Cr Leasing liability 1942129 and Cr cash 147871?