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- 9. When is the title of the asset transferred in Ijarah (Al-Muntahiyah Bit Tamleek) to the client? a. At the end of lease if client purchases and bank sells the asset to client b. At the end of the lease automatically () c. At the start of lease d. Does not transfer9.When a company sells property and then leases it back, any gain on the sale should usually be Select one: a. recognized in the current year. b. recognized at the end of the lease. c. deferred and recognized as income over the term of the lease. d. recognized as a prior period adjustment.1. What is the total amount of interest revenue will FOUR earn over the term of the lease? 2. At what amount should the lease receivable be initially recognized?
- Under a property policy all of the following statements are correct about a mortgagee except the mortgagee is entitled to an additional 10 days written notice of policy cancellation The mortgagee is entitled to an additional 60 days to file a claim if the insurered has not done so. The mortgagee is considered an additional interest under the policy declaration The mortgagee is entitled to coverage in excess of policy limitsA Tenancy at Will is 1. not a true leasehold interest because it does not last for a definite period, nor does the tenant have any right to exlude the landlord and remain on the premises. 2. a tenancy that expires on a specific day. 3. a leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration. 4. not a true tenancy as the typical example is of an overholding tenant who enters into possession rightfully under a lease but now stays in possession wrongfully after the term has expired. 5. occupation by a trespasser, who enters without consent or lawful right and refuses to leave.11. Which of the following is an appropriate journal entry for the initial recognition by a lessee of a finance lease arrangement? Select one: a.DRLeased assetCRBank loan b. DRCashCRLeased asset c. DRLeased liabilityCRLeased asset d. DRLeased assetCRLease liability 12. The following lease details relate to a finance lease arrangement between Crebarn (the lessor) and Balwane (the lessee). The lease term is 3 years; 3 lease payments of $60,000 each are to be made annually in advance; a guaranteed residual of $40,000 is payable at the end of the lease term; the implicit interest rate is 13%. The present value of the lease liability is: Select one: a. $180,000. b. $187,808; c. $220,000; d. $191,400; 13. The following information relates to a lease between Canneries Limited (lessor) and Fruiterers Limited (lessee). 3 lease payments of $20,000 each are made annually in advance and a final lease payment of $15,000 is made at the end of the 3 year lease term. The implicit interest rate…
- 28 Which one of the following is a correct statement of one of the indicators of a finance lease?A. The lease transfers ownership of the property to the lessor.B. The lease contains a purchase option.C. The lease term is for the major part of the economic life of the leased property.D. The minimum lease payments (excluding executory costs) equals or exceeds 90% of the fair value of the leased property.49-The lease payment is OMR 11,000 including OMR 500 insurance expense, paid by lessor and recouped from lessee, for a leased asset. What is the journal entry in the books of lessee if it is an operating lease ? a. Lease Rent Expense Debit 10,500 Cash Account Credit 10,500 b. Insurance expense Debit 500; Lease rental expense account Debit 10,500; Cash Account Credit OMR 11,000 c. Lease Rent Expense Debit 11,000 Cash Account Credit 11,000 d. None of these Clear my choice41. The basic difference between a direct-financing lease and a sales-type lease is the allocation of initial direct costs by the lessor to periods benefited by the lease arrangements. recognition of the profit on the sale. amount of the depreciation recorded each year by the lessor. manner in which rental receipts are recorded as rental income.
- See attached picture C) What expenses related to this lease will Evans incur during the first year of the lease, and how will they be determined?26 If title is not expected to pass to the lessee by the end of the lease term, lease of land is classified asA. operating lease.B. either operating lease or finance lease.C. finance lease.D. neither operating lease nor finance lease.With a percentage lease, what does a landlord get a certain part of? a) Assets b) Expenses c) Accounts payable d) Revenue