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Example 1: Residual value guarantee
An entity leases a digger for 4 years to a customer. The value of the digger at the end of year 4 is estimated to be 35% of the original cost. Based on available market data, the likely range of residual values at the end of year 4 is between 30-45% of original cost. The leasee will guarantee any fall in value below 30% down to 20% of original cost. The lessor will guarantee the amount below 20%.
Given that the lessors exposure to the possibility of having to pay out any money is very remote, this is ignored in the determination, as a result the risks stay with the customer and the customer would more than likely classify this as a finance lease depending on other facts. The minimum lease payments would include the guaranteed minimum value of the digger that being 15% (35%-20%).
Example 2: Changes in lease classification
Company A enters into a 3 years lease on production equipment that has an economic life of 10 years. The entity has an option in the agreement to extend that lease for another 4 years at the market rate. At the inception, Company A did not believe the option would be exercised on inception so as a result treated it as an operating lease. In year 2, the company is almost certain it will extend. This is in effect a change in estimate. Even at this time where they are almost certain, the lease is not reclassified even where it would now be considered to be a finance lease.
Example 3: Accounting for finance leases – initial recognition and subsequent measurement– Lessee
Company A has purchased an asset under a lease arrangement. Details of the lease are as follows:
|
Fair Value of the Asset |
CU50,000 |
|
Five Annual Rentals Payable in Advance |
CU12,000 |
|
Estimate Residual Value on Disposal– Lessors Unguaranteed Amount |
CU5,000 |
|
Useful Life |
7 years |
The amounts the lessor is expected to receive from the future rentals, any guaranteed residual amounts is used to determine the interest rate implicit in the lease. See calculation below. The effective interest rate amount is the rate that exactly discounts the five rentals of CU12,000 plus the unguaranteed residual of CU5,000 at the end of the lease term for the lessor to the fair value of the asset of CU50,000 as detailed below. (Note if the lessee in this example was entitled to 10% of the residual, then the amount to be utilised in this calculation would be CU4,500 (CU5,000*90%)).This is a rate of 13.477%. This can be obtained through an excel based formula. The first table below shows the calculation performed to ascertain the effective interest rate. The second table is the present value of the minimum lease payments plus the unguaranteed residual value of the lessor.
Table Illustration showing calculation of the effective interest rate:
|
Year |
Opening Balance |
Cashflow |
Capital Element |
Interest for Period 13.477% |
Closing Balance |
|
1 |
50,000 |
(12,000) |
38,000 |
5,121 |
43,121 |
|
2 |
43,121 |
(12,000) |
31,121 |
4,194 |
35,315 |
|
3 |
35,315 |
(12,000) |
23,315 |
3,142 |
26,458 |
|
4 |
26,458 |
(12,000) |
14,458 |
1,948 |
16,406 |
|
5 |
16,406 |
(12,000) |
4,406 |
594 |
5,000 |
Table: Present value of the minimum lease payments plus the unguaranteed residual value of the lesser:
|
Period Ending |
Cashflows |
Formula to get PV factor |
Discount rate at 13.477% PV factor |
Present value of cash flow |
|
1 |
_ 12,000 |
1 |
1 |
_ 12,000 |
|
2 |
_ 12,000 |
1/(1.13477)^1 |
0.8812 |
_ 10,575 |
|
3 |
_ 12,000 |
1/(1.13477)^2 |
0.7766 |
_ 9,319 |
|
4 |
_ 12,000 |
1/(1.13477)^3 |
0.6843 |
_ 8,212 |
|
5 |
_ 12,000 |
1/(1.13477)^4 |
0.6034 |
_ 7,237 |
|
End of year 5 |
_ 5,000 |
1/(1.13477)^5 |
0.5314 |
_ 2,657 |
|
Total NPV |
|
|
|
_ 50,000 |
Therefore for capitalisation purposes the total amount to be capitalised in the lessees books is the present value of future payments excluding the present value of the residual value totaling CU2,657 above. i.e. amount to be capitalised is CU47,343 (CU50,000-CU2,657). As CU47,343/CU50,000 being the fair value of the asset = 94.6% this would suggest that substantially all the risks and rewards of ownerships have been transferred.
Therefore the journals required on initial recognition are:
|
|
CU |
CU |
|
Dr Fixed Assets |
47,343 |
|
|
Cr Finance Lease Liability |
|
47,343 |
Being journal to reflect liability for finance leased asset.
NOTE: the standard states that the lower of fair value of the asset or present value of minimum lease payments should be used. Therefore where the difference is material (may only be the case where some of the residual value risk lies with the lessor), the asset should be classified at the present value of the minimum lease payments. NOTE: if costs were charged by the lessor these would also be capitalised.
Detailed below are the balances to be booked in subsequent periods:
|
Year |
Opening Balance |
Cashflow |
Capital Element |
Interest for Period 13.477% |
Closing Balance |
|
1 |
47,343 |
(12,000) |
35,343 |
4,763 |
40,106 |
|
2 |
40,106 |
(12,000) |
28,106 |
3,788 |
31,894 |
|
3 |
31,894 |
(12,000) |
19,894 |
2,681 |
22,575 |
|
4 |
22,575 |
(12,000) |
10,575 |
1,425 |
12,000 |
|
5 |
12,000 |
(12,000) |
0 |
0 |
0 |
|
|
|
(60,000) |
|
12,657 |
|
The finance charge posted at the end of year 1 is CU4,763 and so on for subsequent years (Cr finance lease liability and Dr finance charge). While not mentioned in Section 20, under old GAAP the sum of the digits method was allowed. It may be still appropriate to use this method if it creates a charge which is not fundamentally different from the effective interest method.
From a fixed asset point of view the assets are depreciated over the shorter of their useful life or lease term. As the lease term is shorter this is depreciated over 5 years. Note if the entity could prove that it is likely that they will hold onto the asset after the lease term, then the 8 year period would be appropriate. We have assumed it will have no residual value from the point of view of the lessee as this will be received by the lessor. The journals posted for fixed assets at each year end would be:
|
|
CU |
CU |
|
Dr Depreciation P&L |
9,469 |
|
|
Cr Accumulated Depreciation (CU47,343/5yrs) |
|
9,469 |
Example 4: Operating lease with inflationary increases
Company A enters into a lease on a building for 5 years for an annual fee of CU20,000. Under the lease agreement rents will increase in line with the general increase/decrease in published inflation. However, it also stipulates that the minimum inflation rate that will be charged is 2% even where the published rate is lower. As the lease agreement is no longer linked to a general inflation rate and is capped, it does not meet the conditions in Section 20.15(b) so therefore the amount that should be expensed each year is as follows:
CU20,000+(CU20,000*1.02) + (CU20,000*1.04)+ (CU20,000*1.06)+ (CU20,000*1.08)= Total cost over the 5 years = CU104,080 /5year = CU20,816
Anything above the CU20,816 in any year is expensed as incurred.
Example 5: Rent free period
Company A entered into a lease with a landlord for 10 years with a rent review after year 5. The rent payable on the lease per annum is CU200,000. As part of the agreement, the landlord agreed to provide the first 3 months rent free (CU200,000/12mths*3mths=CU50,000). Under Section 20, the lease incentive needs to be written off over the life of the lease. Assume the lease agreement commenced on 1 October and Company A’s year end is 31 December. The journals required to be posted in Company A’s TB at the 31 December are
|
|
CU |
CU |
|
Dr Rental Expense in P&L (CU16,250* X 3 months) |
48,750 |
|
|
Cr Lease Incentive Accrual BS |
|
48,750 |
Being journal to recognise the expense for the first 3 months in year one
From year 2 on, the CU48,750 is written back to the profit and loss and set against the rental expense i.e. at the end of year 2 the accrual would be reduced to CU43,750 (CU48,750-CU5,000) to show the net cost of CU195,000 per annum.
If in the above example the landlord provided a contribution of CU50,000 towards the cost of fixed assets or towards the cost of relocating, the treatment would be the same.
* Calculate the actual total rental payments over the 10 years i.e. actual rent payments are only paid for 9 years and 9 months = CU200,000 *9.75 years= CU1,950,000. Therefore the total amount of rent to be charged over the life of the lease is = CU1,950,000/10 years = CU195,000 per annum or CU16,250 per month. Therefore for the first 3 months an accrual is required as no payment is made. However, this accrual is then reduced over the life of the lease such that the cost shown each year is CU195,000. NOTE: the date of the rent review is ignored.
Example 6: Finance lease accounting for the lessor
If we take example 3 and apply this from the perspective of the lessor this time as opposed to the lessee. Assume payments are made annually. Note if payments are made monthly then it would have to be completed on a monthly basis.
|
Year |
Opening Balance |
Rent Received |
Capital Element |
Financial Income for Period 13.477% |
Gross investment allocated at end of period |
Gross earning allocated to future periods |
Net investment at end of period |
|
1 |
50,000 |
12,000 |
38,000 |
5,121 |
53,000 |
9,879 |
43,121 |
|
2 |
43,121 |
12,000 |
31,121 |
4,194 |
41,000 |
5,685 |
35,315 |
|
3 |
35,315 |
12,000 |
23,315 |
3,142 |
29,000 |
2,542 |
26,458 |
|
4 |
26,458 |
12,000 |
14,458 |
1,948 |
17,000 |
594 |
16,406 |
|
5 |
16,406 |
12,000 |
4,406 |
594 |
5,000 |
– |
5,000 |
|
|
|
60,000 |
|
15,000 |
|
|
|
The 15,000 represents the interest income earned over the life of the lease (i.e. the CU60,000 in rentals received over the life of the lease plus the expected residual value for which the lessor is entitled to of CU5,000). At any period end the net receivable balance is the unearned finance income plus the residual value. The journals required on initial recognition are:
|
|
CU |
CU |
|
Dr Grossed Leased Asset |
50,000 |
|
|
Cr Creditors |
|
50,000 |
Being journal to reflect the recognition of the lease of asset
Then throughout the life the finance income will be journaled. For example the journal required at the end of year one would be:
|
|
CU |
CU |
|
Dr Gross Earnings Allocated to Future Periods on BS |
5,121 |
|
|
Cr Finance Income/Turnover |
|
5,121 |
The receipts into the bank are obviously set against the gross leased asset as they are received.
As can be seen from the above, a key estimation for lessors is the residual value of the asset. Therefore if this change in estimate occurs it is corrected prospectively. The difference between the carrying amount at the date of change in estimate and the recalculated balance using the original effective interest rate is credited or debited to finance income. In order to determine the required carrying value on the revised residual amount, the present value of future receivables needs to be calculated using the same effective rate.
Example 7: Finance lease accounting for the lessor – change in residual value
If we take example 3 and assume that the estimated residual value at the end of year 3 changes to CU4,500. See below the revised cash flows present valued using the original effective rate:
|
Period Ending |
Cashflows |
Formula to get PV factor |
Discount rate at 13.477% PV factor |
Present Value of Cash Flow |
|
3 |
12,000 |
1 |
1 |
12,000 |
|
4 |
12,000 |
1/(1.13477)^1 |
0.8812 |
10,575 |
|
5 |
12,000 |
1/(1.13477)^2 |
0.7766 |
9,319 |
|
End of Year 5 |
4,500 |
1/(1.13477)^3 |
0.6843 |
3,080 |
|
Total PV |
|
|
|
34,973 |
We then recalculate the interest to be charged over the remaining years.
|
Year |
Opening Balance |
Rent Received |
Capital Element |
Finance Income for Period 13.477% |
Gross investment allocated at end of period |
Gross earning allocated to future periods |
Net investment at end of period |
|
3 |
34,973 |
12,000 |
22,973 |
3,096 |
37,973.29 |
11,904 |
26,069 |
|
4 |
26,069 |
12,000 |
14,069 |
1,896 |
25,973 |
10,008 |
15,966 |
|
5 |
15,966 |
12,000 |
3,966 |
534 |
13,973 |
9,473 |
4,500 |
The difference of CU342 between the carrying amount at the end of year 2 as calculated in example 5 of CU35,315 and the recalculated balance at the start of year 3 of CU34,973 is debited against finance income in the year.
Example 8: Sale and leaseback
Company A owned a property which had a net book value at year end of CU100,000 and had a remaining useful life of 28 years. On the last day of the year the company entered into an agreement whereby it sold the property for CU500,000 and as part of the agreement leases this back from the purchaser for a 25 year period. The annual lease rentals on the property is CU70,000. Given that in substance the company still has the risk and rewards of ownership, the company should account for this transaction as follows:
|
|
CU |
CU |
|
Dr Bank |
500,000 |
|
|
Cr Fixed Assets |
|
100,000 |
|
Cr Accuals/Deferred Income |
|
400,000 |
Being journal to reflect proceeds from the transaction
|
|
CU |
CU |
|
Dr Fixed Asset |
500,000 |
|
|
Cr Finance Lease Liability |
|
500,000 |
Being journal to recognise acquisition of the property under finance lease assuming this equated to fair value.
The accrual/deferred income is allocated over the remaining life of the lease each year i.e. CU400,000 / 25 years = CU16,000 per annum. Therefore on a yearly basis the below journal will be posted:
|
|
CU |
CU |
|
Dr Accruals/Deferred Income |
16,000 |
|
|
Cr Rental Costs P&L |
|
16,000 |
Each year depreciation will be charged on the CU500,000 over its lease term.
The finance lease interest is debited to the profit and loss over the life of the lease as with any other finance lease. The net amount of the depreciation and the rental credit will equate to the previous depreciation that was charged on that asset.
Where the lease is not deemed to be a finance lease, then the it is an operating lease and the asset can be derecognised and the profit/loss can be recognised in the P&L. The only exception to this rule is where the sales prices was not at market value i.e. above or below market value and instead the rent is below/in excess of market rent. In this case the loss/profit should be deferred and amortised over the period for which the asset is expected to be used.
For the purchaser it would be a mirror picture.
Example 9: Lease incentives since date of transition
Company A’s date of transition is 1 January 2014 i.e. 31 December year end. Company A entered into a lease on 2 January 2014 for 10 years with a landlord for a premises it occupies. As part of the agreement the landlord provided a 3 month rent free period (lease incentive of CU200,000/12mths*3mths=CU50,000). The rent payable on the lease per annum is CU200,000. As part of the agreement, the landlord agreed to provide the first 3 months rent free. A rent review/break clause was included which could be initiated at the end of year 5. Under old GAAP, this lease incentive was released to the P&L over the 5 years as was dictated by that GAAP. Therefore at 31 December 2014 the lease incentive accrual under old GAAP was CU40,000 (i.e. the value of the rent free period of CU50,000 / 5 years * 4 years that remain) and the rent cost in the P&L was CU190,000. Assume deferred tax is at 10%. The adjustment will be tax deductible over a 5 year period in the tax computation.
Under Section 20, the lease incentive needs to be written off over the life of the lease which is 10 years. See below for the calculation of what should have been accrued at the 31 December 2014.
The journals required to be posted in Company A’s TB at the 31 December 2014 to correct the old GAAP postings are:
|
|
CU |
CU |
|
Dr Rental Expense in P&L (CU45,000-CU40,000) |
5,000* |
|
|
Cr Lease Incentive Accrual BS |
|
5,000 |
Being journal to reverse understatement of accrual under old GAAP
From year 2 on, the CU45,000 is written back to the profit and loss and set against the rental expense i.e. at the end of year 2 the accrual would be reduced to CU40,000 (CU50,000-CU5,000 for 2014 – CU5,000 for 2015) to show the net cost of CU195,000 per annum.
If in the above example the landlord provided a contribution of CU50,000 towards the cost of fixed assets or towards the cost of relocating, the treatment would be the same.
* Calculate the actual total rental payments over the 10 years i.e. actual rent payments are only paid for 9 years and 9 months = CU200,000 *9.75 years= CU1,950,000. Therefore the total amount of rent to be charged over the life of the lease is = CU1,950,000/10 years = CU195,000 per annum or CU16,250 per month. Therefore for the first 3 months an accrual is required as no payment is made. The accrual is then reduced over the life of the lease (the value of the rent free period was CU50,000). Therefore the accrual required at 31 December 2014 was CU45,000 (CU50,000 less the amount utilised in 2014 of CU5,000 (being CU50,000 / 10 years) compared to the old GAAP accrual of CU40,000.
Given that the company has already been taxed on the additional credit posted in old GAAP of CU500, a deferred tax asset should recognised for the fact that this will be recouped in future tax computations
The journals required are:
|
|
CU |
CU |
|
Dr Deferred Tax Asset (CU5,000*10%) |
500 |
|
|
Cr Deferred Tax P&L |
|
500 |
Being journal to reflect deferred tax on the above adjustment
For the year ended 31 December 2015, a similar adjustment will be required (plus the profit and loss reserve adjustment for 2014), however no deferred tax will be required on the 2015 adustment as the tax computation has not been submitted to the tax authorities at the time of preparing the financial statements. 1/5th of the deferred tax asset of CU500 recognised in 2014 will have to be released in 2015 for the fact that a deduction will be obtained in the tax computation for this 1/5th in 2015. The journal required is:
|
|
CU |
CU |
|
Dr Deferred Tax in P&L |
100 |
|
|
Cr Deferred Tax Asset |
|
100 |
Being journal to release 1/5th of the deferred tax asset to match the tax deduction claimed that year.
Example 10: Extract from an accounting policy note and the related disclosures – Operating Lease Lessors
Leases
(i) Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments received under operating leases (net of any incentives provided to the lessee) are credited to profit or loss on a straight-line basis over the period of the lease.
(ii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of future minimum lease payments.
Incentives received to enter into an operating lease are debited to the profit and loss account, to reduce the lease income, on a straight-line basis over the period of the lease.
Extract from notes to the financial statements
Commitments
At 31 December 2015, the company had the following annual receipts under non-cancellable operating leases that expire as follows:
|
|
2015 |
2014 |
|
|
CU |
CU |
|
Within one year |
145,000 |
145,000 |
|
Within two to five years |
100,000 |
100,000 |
|
Greater than five years |
– |
– |
Example 11: Extract from an accounting policy note operating leases for lessees and related disclosure notes
Leases
(i) Operating leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.
(ii) Lease incentives
Incentives received to enter into a finance lease reduce the fair value of the asset and are included in the calculation of present value of future minimum lease payments.
Incentives received to enter into an operating lease are credited to the profit and loss account, to reduce the lease expense, on a straight-line basis over the period of the lease.
Extract from notes to the financial statements
Operating Profit
Operating profit is stated after charging:
|
|
2015 |
2014 |
|
|
CU |
CU |
|
Depreciation |
149,999 |
170,037 |
|
Directors’ remuneration: |
212,000 |
225,600 |
|
Impairment of assets/goodwill |
– |
– |
|
Profit of disposal of fixed assets |
– |
– |
|
Rentals under operating leases net of lease incentives |
– |
– |
|
Auditors’ remuneration |
|
|
|
Audit |
13,000 |
13,000 |
|
Non audit services |
3,000 |
3,000 |
|
Tax Advisory |
3,225 |
3,225 |
Commitments
At 31 December 2015, the company had the following commitments under non-cancellable operating leases that expire as follows:
|
|
2015 |
2014 |
|
|
CU |
CU |
|
Within one year |
145,000 |
145,000 |
|
Within two to five years |
100,000 |
100,000 |
|
Greater than five years |
– |
– |
Example 12: Extract from an accounting policy note and related disclosures for financial statements of lessees: finance leases
(a) Leases
Finance leases
Leases in which substantially all the risks and rewards of ownership are transferred by the lessor are classified as finance leases.
Tangible fixed assets acquired under finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased property and the present value of the minimum lease payments and are depreciated over the shorter of the lease term and their useful lives. The capital element of the lease obligation is recorded as a liability and the interest element of the finance lease rentals is charged to the profit and loss account on an annuity basis.
Each lease payment is apportioned between the liability and finance charges using the effective interest method.
Extract from notes to the financial statements
10 TRADE AND OTHER PAYABLES <1 YEAR
|
|
2015 |
2014 |
|
|
CU |
CU |
|
Trade creditors |
708,675 |
475,652 |
|
Other creditors and accruals |
259,551 |
284,139 |
|
Bank Loans and overdrafts |
1,066,950 |
2,078,451 |
|
Finance Lease |
85,198 |
39,933 |
|
Corporation tax due |
280,351 |
64,812 |
|
Other Taxation and Social Security |
25,665 |
26,245 |
|
Deferred Tax |
7,481 |
4,625 |
|
|
2,433,871 |
2,973,863 |
11 TRADE AND OTHER PAYABLES >1 YEAR
|
|
2015 |
2014 |
|
|
CU |
CU |
|
Bank Loans |
1,903,810 |
2,130,125 |
|
Warranty obligation |
65,000 |
– |
|
Finance lease |
147,400 |
– |
|
8% Preference Shares |
104,000 |
– |
|
Share appreciation rights |
15,000 |
– |
|
|
2,235,210 |
2,130,125 |
|
Hire purchase contracts – maturity and security |
2015 |
2014 |
|
|
CU |
CU |
|
Future minimum payments under hire purchase agreements are as follows: |
|
|
|
|
|
|
|
In one year or less |
14,049 |
13,000 |
|
In more than one year, but not more than five years In greater than 5 years |
5,136 – |
4,200 – |
|
Total gross payments |
19,185 |
16,200 |
|
Less hire purchase charges included above |
(1,329) |
(1,000) |
|
|
17,856 |
15,200 |
Note to be included under the tangible fixed asset note
The following assets were held under finance lease:
|
|
2015 |
|
2014 |
|
|
CU |
|
CU |
|
Net Book Value |
66,884 |
|
129,389 |
|
Depreciation Charge for the Year |
29,015 |
|
31,317 |
Example 13: Extract from an accounting policy note and related disclosures for financial statements of lessors: finance leases
Gross earnings
Gross earnings comprises the finance charge element of lease rentals, the profit or loss generated on the termination of lease agreements and administration fees pertaining to lease agreements. Gross earnings are stated net of trade rebates and trade discounts, and exclusive of value added tax.
Finance lease and hire purchase agreements
Finance charges are allocated to periods so as to give a constant rate of return on the net cash investment in the lease. The total net investment included in the balance sheet represents total lease payments receivable, net of finance charges relating to future periods. Bad debts are charged to the profit and loss account in the period in which they occur. Recoveries of bad debts previously charged to the profit and loss account are credited to the profit and loss account upon recovery of the bad debt. The net investment in finance lease and hire purchase agreements is stated net of a bad and doubtful debt provision.
Extract from notes to the financial statements
| 1. GROSS EARNINGS | 2015 | 2014 | |
| CU | CU | ||
| (a) | Finance lease agreements | ||
| Aggregate finance lease rentals | 2,000,000 | 2,000,000 | |
| Capital repayments | (180,000) | (180,000) | |
| 1,820,000 | 1,820,000 | ||
| (b) | Hire purchase agreements | ||
| Aggregate hire purchase installments | 20,000 | 20,000 | |
| Capital repayments | (1,000) | (1,000) | |
| 19,000 | 19,000 | ||
| Total gross earnings | 1,801,000 | 1,801,000 |
| 8. NET INVESTMENTS IN FINANCE LEASE AGREEMENTS | 2014 | 2013 | |
| LEASE AGREEMENTS | CU | CU | |
| Net investments in finance lease agreements | XXXXXX | XXXXX | |
| Hire purchase contracts | XXXXXX | XXXXX | |
| Provision for doubtful investments | (XXXXX) | (XXXXX) | |
| 301,010,000 | 301,010,000 | ||
| Analysed as follows | |||
| Amounts falling due within one year | 85,993,869 | 85,993,869 | |
| Amounts falling due after more than one year | 215,006,131 | 215,006,131 | |
| 301,010,000 | 301,010,000 | ||
| The net investment in finance lease agreements comprises: | |||
| Total rentals receivable | 368,010,000 | 368,010,000 | |
| Less finance charges allocated to future periods | (67,000,000) | (67,000,000) | |
| 301,010,000 | 301,010,000 | ||
| Assets acquired during the year for the purpose of: | |||
| Leasing under finance lease agreements | 128,000,000 | 128,000,000 | |
| Supply under hire purchase contracts | – | – | |
| 128,000,000 | 128,000,000 |
All of the assets were acquired from other group undertakings. Assets relating to agreements terminated during the first three years of the primary term, for reasons other than upgrade or settlement, are the subject of a ‘buyback’ agreement. The buyback value is dependent on the age of the asset and is calculated as a percentage of the capital value of the asset. The residual value is assumed to be nil at the end of the lease term.
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