Answer the Questions as per the instructions.

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For this week's Case, you have an issue dealing with an international lease. The lease is from the U.S. parent company, to a UK subsidiary.

The U.S. parent company classifies the lease as an operating lease; the UK company doesn't know how to classify the lease. The particulars (as the Brits would state), are as follows:

Lease length 15 years.

Incremental borrowing rate=10%

Useful life 30 years.

Payment =$10000

Residual value $1000

No renewal of lease available.

Please show disclosure under both IFRS and U.S. GAAP with documentation.

Please also use footnote disclosure as well under both IFRS and GAAP based on the above information

 

 

 

Due in 8 hours.

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