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The following scenario relates to questions 1–5.

On 1 January 20X5, Blocks Co entered into new lease agreements as follows:

Agreement one This finance lease relates to a new piece of machinery. The fair value of the machine is $220,000. The agreement requires Blocks Co to pay a deposit of $20,000 on 1 January 20X5 followed by five equal annual instalments of $55,000, starting on 31 December 20X5. The implicit rate of interest is 11·65%.

Agreement two This three-year operating lease relates to a fleet of vans. The fair value of the vans is $120,000 and they have an estimated useful life of five years. The agreement requires Blocks Co to make no payment in year one and $48,000 in years two and three.

Agreement three This sale and leaseback relates to a cutting machine purchased by Blocks Co on 1 January 20X4 for $300,000. The carrying amount of the machine as at 31 December 20X4 was $250,000. On 1 January 20X5, it was sold to Cogs Co for $370,000 and Blocks Co will lease the machine back for five years, the remainder of its useful life, at $80,000 per annum.

1 According to IAS 17 Leases, which of the following is generally considered to be a characteristic of an operating, rather than a finance, lease?

A Ownership of the assets is passed to the lessee by the end of the lease term

B The lessor is responsible for the general maintenance and repair of the assets

C The present value of the lease payments is approximately equal to the fair value of the asset

D The lease term is for a major part of the useful life of the asset

答案：B

2 For agreement one, what is the finance cost charged to profit or loss for the year ended 31 December 20X6?

A $23,300

B $12,451

C $19,607

D $16,891

答案：C

3 The following calculations have been prepared for agreement one:

            Year                Interest              Annual payment             Balance

                                   $                           $                      $

31 December 20X7                15,484                     (55,000)                 93,391

31 December 20X8                10,880                      (55,000)                49,271

31 December 20X9                 5,729                      (55,000) 0

How will the finance lease obligation be shown in the statement of financial position as at 31 December 20X7?

A $44,120 as a non-current liability and $49,271 as a current liability

B $49,271 as a non-current liability and $44,120 as a current liability

C $93,391 as a non-current liability

D $93,391 as a current liability

答案：B

4 For agreement two, what would be the correct statement of profit or loss entries for the year ended 31 December 20X5?

A Depreciation of $24,000 and no lease rental expense

B No depreciation and lease rental expense of $32,000

C Depreciation of $24,000 and lease rental expense of $32,000

D No depreciation and lease rental expense of $48,000

答案：B

5 For agreement three, what profit should be recognised for the year ended 31 December 20X5 as a result of the sale and leaseback?

A $24,000

B $120,000

C $70,000

D $20,000

答案：A

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