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S sells an asset with a net book value of $3,000,000 for $3,600,000. The fair value of the asset was $3,200,000. The asset is then leased back to S for the next three years under an operating lease at an agreed rental of $400,000 per annum. The correct accounting treatment in the books of S is? A. Derecognise the asset, recognise a profit of $200,000 and treat the remaining $400,000 as a loan. B. Leave the asset in the books at $3,000,000 and net $3,000,000 of the proceeds against the asset on the face of the statement of financial position, with the remaining $600,000 disclosed as deferred income. C. Leave the asset in the books at $3,000,000 and treat the sale proceeds of $3,600,000 as a loan. D. Derecognise the asset and recognise a profit of $600,000. |