Tutorial 11 [answer].xlsx

a.

The lease agreement satisfies both the economic life (75% of useful life) and the recovery of investment (90% of fai direct-financing lease (since cost equals fair value).

b.

Lessee 1/1/2018 Equipment 220,404,197 Lease Liability Lease Liability Cash

30,300,000 30,300,000

12/31/2018 Interest Expense 17,109,378 Interest Liability Depr Expense Acc. Depr Lessor 1/1/2018 Lease Receivable Equipment

17,109,378

20,040,420 20,040,420

220,404,000

Cash

220,404,000 30,300,000

Lease Receivable 12/31/2018 Interest Receivable 17,109,378 Interest Revenue c.

220,404,197

30,300,000

17,109,378

Lessee The lessee has no obligation to pay the residual value, even the Residual Value have been guaranteed by third-party. So, the amount capitalized by lessee is Rp211,955,980

Lessor Residual value exists whether or not it is guaranteed. The amount of Net Invstment recorded in Lessor's book is Rp2 d.

Since 90% of 220,404,197 is 198,363,777, the difference of Rp22,040,419 is the PV of Residual Value The Future Value of Rp22,040,419 with i=9, n=10 is Rp52,177,689. Therefore, in order to classify the arrangement in

ecovery of investment (90% of fair value) requirements. For the lessee, it is a finance lease, and for the lessor, it is a Amortization Table Rate 9% Date Minimum Rental Payment + GRV Interest Expense Amortization Carrying Amount 1/1/2018 30,300,000 30,300,000 190,104,197 1/1/2019 30,300,000 17,109,378 13,190,622 176,913,575 1/1/2020 30,300,000 15,922,222 14,377,778 162,535,796 1/1/2021 30,300,000 14,628,222 15,671,778 146,864,018 1/1/2022 30,300,000 13,217,762 17,082,238 129,781,780 1/1/2023 30,300,000 11,680,360 18,619,640 111,162,140 1/1/2024 30,300,000 10,004,593 20,295,407 90,866,733 1/1/2025 30,300,000 8,178,006 22,121,994 68,744,739 1/1/2026 30,300,000 6,187,026 24,112,974 44,631,765 1/1/2027 30,300,000 4,016,859 26,283,141 18,348,624 12/31/2027 20,000,000 1,800,000 18,200,000 148,624 Residual Value Economic Life PV Minimum Rental Payment PV Residual Value PV MLP Fair Value

20,000,000.00 10 211,955,980.90 211955980.89618 8,448,216.14 220,404,197.03 198,363,777.33

22,040,419.70 52,177,688.98

nt recorded in Lessor's book is Rp220,404,197

V of Residual Value rder to classify the arrangement into operating lease, the Residual Value would have had to be greater than Rp52,177,688

rounding difference

p52,177,688

(a) Sale-leaseback arrangements are treated as though two transactions were a single financing transaction if the lease qualifies as a finance lease. Any gain or loss on the sale is deferred and amortized over the lease term (if possession reverts to the lessor) or the economic life (if ownership transfers to the lessee). In this case, the lease qualifies as a finance lease because the lease term (10 years) is 83% of the remaining economic life of the leased property (12 years). Therefore, at 31/12/15, all of the gain of $160,000 ($560,000 – $400,000) would be deferred and amortized over 10 years. Since the sale took place on 31/12/15, there is no amortization for 2015.

(b) A sale-leaseback is usually treated as a single financing transaction in which any profit on the sale is deferred and amortized by the seller. In this situation the seller-lessee accounts for the lease as an operating lease with the sale and the leaseback accounted for as separate transactions. Therefore, the full gain ($480,000 – $420,000, or $60,000) is recognized.

(c)

(d)

The profit on the sale of $99,000 should be deferred and amortized over the lease term. Since the leased asset is being depreciated using the sum-of-the-years’ depreciation method, the deferred gain should also be reported in the same manner. Therefore, in the first year, $18,000 (10/55 X $99,000) of the gain would be recognized.

In this case, Unilemper would report a loss of $87,300 ($300,000 – $212,700) for the difference between the book value and lower fair value. The profession requires that when the fair value of the asset is less than the book value (carrying amount), a loss must be recognized immediately. In addition, rent expense of $72,000 should be reported.

Suatu perjanjian ditentukan sebagai perjanjian sewa atau perjanjian yang mengandung sewa jika pemenuhan perjanjian bergantung pada penggunaan suatu aset atau aset-aset tertentu. Artinya: • pemenuhan kewajiban pemasok dalam perjanjian tersebut untuk menyediakan barang atau jasa tertentu kepada pembeli; dan • pemenuhan hak pembeli dalam perjanjian tersebut untuk menerima barang atau jasa tertentu dari pemasok; melibatkan penggunaan suatu aset atau aset-aset tertentu yang ditentukan di dalam perjanjian.

Apabila aset tertentu tersebut tidak digunakan, maka pemenuhan kewajiban pemasok dan hak pembeli atas barang atau jasa tertentu yang diperjanjikan tidak dapat dipenuhi. Agar perjanjian tersebut dapat ditentukan sebagai perjanjian sewa atau perjanjian yang mengandung sewa, maka aset tersebut harus ditentukan di dalam perjanjian, baik secara eksplisit atau implisit. Implikasinya, apabila pemasok dapat menyediakan barang atau jasa tertentu yang diperjanjikan menggunakan aset lain, selain dari yang ditentukan di dalam perjanjian, maka pemenuhan perjanjian tersebut tidak bergantung pada penggunaan aset tertentu, sehingga bukanlah merupakan perjanjian yang mengandung sewa.

Contoh: Perjanjian jual-beli tenaga listrik antara PT PLN (Persero) dengan pengembang listrik swasta (IPP) ditentukan sebagai perjanjian yang mengandung sewa apabila pemenuhan transaksi jual-beli tenaga listrik tersebut bergantung pada penggunaan pembangkit listrik tertentu yang ditentukan dalam perjanjian.

a.

This is a finance lease to Petrik since the lease term is greater than 75% of the economic life of the leased asset. The lease term is 78% (7 ÷ 9) of the asset’s economic life. This is a finance lease to Sponbob because the lease term is greater than 75% of the asset’s economic life. Since the fair value ($700,000) of the equipment exceeds the lessor’s cost ($525,000), the lease is a salestype lease.

b.

c.

d.

Lessor's Perspective Fair Value PV Residual Value Investment Recovery PV Factor Annual Rental Payment

700,000 51,316 648,684 5.355260699 121,130.27

Lessee's Perspective PV Annual Payment PV GRV PV MLP

Sponbob's ROI Lease Term

633,576 48,166 681,742

1/1/2018 Leased Machinery

Petrik's Borrowing Cost Lease Term Residual Value 681,742

Lease Liability Lease Liability

681,742 121,130

Cash 12/31/2018 Depr Exp

121,130 83,106.05

Acc Depr Interest Expense

83,106.05 61,667.32

Interest Liability 1/1/2019 Lease Liability Interest Liability

61,667.32 59,462.95 61,667.32

Cash 12/31/2019 Depr Exp

121,130 83,106.05

Acc Depr Interest Expense

83,106.05 55,126.4

Interest Liability e.

1/1/2018 Lease Receivable COGS

55,126.4 700,000 525,000

Sales Inventory Cash

10% 7

700,000 525,000 121,130

11% 7 100,000

Lease Receivable 12/31/2018 Interest Receivable

121,130 57,887

Interest Revenue 1/1/2019 Cash

57,887 121,130

Lease Receivable Interest Receviable 12/31/2019 Interest Receivable

63,243 57,887 51,563

Interest Revenue

51,563