[jeff]

FAR Resources:

Free FAR Notes & Audio – https://www.another71.com/cpa-exam-study-plan

FAR 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

FAR Score Release: https://www.another71.com/cpa-exam-scores-results-release

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[Monir]

Thx Guys !! I have been dragging the FAR for a little while. I have scheduled it on DEC 3rd and want to be done forever.

[Anonymous]

crazy lease question in cpaexcel

Tag Question

On December 31, 2004, Dirk Corp. sold Smith Co. two airplanes and simultaneously leased them back. Additional information pertaining to the sale-leasebacks follows:

Plane #1 Plane #2

Sales price $600,000 $1,000,000

Carrying amount, 12/31/04 $100,000 $550,000

Remaining useful life, 12/31/04 10 years 35 years

Lease term 8 years 3 years

Annual lease payments $100,000 $200,000

In its December 31, 2004 balance sheet, what amount should Dirk report as deferred gain on these transactions?

[Anonymous]

crazy lease question in cpaexcel

Tag Question

On December 31, 2004, Dirk Corp. sold Smith Co. two airplanes and simultaneously leased them back. Additional information pertaining to the sale-leasebacks follows:

Plane #1 Plane #2

Sales price $600,000 $1,000,000

Carrying amount, 12/31/04 $100,000 $550,000

Remaining useful life, 12/31/04 10 years 35 years

Lease term 8 years 3 years

Annual lease payments $100,000 $200,000

In its December 31, 2004 balance sheet, what amount should Dirk report as deferred gain on these transactions?

[mjp44]

@Jennifer241. Thanks for the explanation. Thats what I figured.

@CPA066729 I remember doing that question recently because i was struggling to grasp the sale-leaseback concept. I believe the amount of gain to defer is $500K for plane #1 because it qualifies as a capital lease. The gain on plane #2 is recognized immedately because it is an operating lease and the seller-lessee is retaining less than 10% of the asset.

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[mjp44]

@Jennifer241. Thanks for the explanation. Thats what I figured.

@CPA066729 I remember doing that question recently because i was struggling to grasp the sale-leaseback concept. I believe the amount of gain to defer is $500K for plane #1 because it qualifies as a capital lease. The gain on plane #2 is recognized immedately because it is an operating lease and the seller-lessee is retaining less than 10% of the asset.

FAR- PASSED (11/13)
REG- PASSED (2/14)
BEC- PASSED (5/14)
AUD- PASSED (8/14)

If it's important to you, you will find a way. If it isn't, you will find an excuse.

[Anonymous]

for those of you using becker, how much time are you spending on F10? i'm skipping it for now and starting my review. i'm planning to just read through it in maybe two weeks in case there is a simple question or two from that chapter. are most people just kinda glossing over it as well?

[Anonymous]

for those of you using becker, how much time are you spending on F10? i'm skipping it for now and starting my review. i'm planning to just read through it in maybe two weeks in case there is a simple question or two from that chapter. are most people just kinda glossing over it as well?

[robomarcus]

@DC

I've done this for all of the exams so far. I'll study pretty intensely for all of the chapters, but just gloss over the last chapter by working the questions maybe once or twice. I'm hoping the rumors about FAR are true, that because there's so much information you mainly get asked the general questions, and that there's a pretty big curve. Anyway, I guess I'll find out on November 25th, and hopefully I'll be done.

REG - 76 (Exp 1/27/14); 3 attempts to pass
BEC - 83; 2 attempts to pass
AUD - 80; 3 attempts to pass
FAR - Nov 25th; 2nd attempt

[robomarcus]

@DC

I've done this for all of the exams so far. I'll study pretty intensely for all of the chapters, but just gloss over the last chapter by working the questions maybe once or twice. I'm hoping the rumors about FAR are true, that because there's so much information you mainly get asked the general questions, and that there's a pretty big curve. Anyway, I guess I'll find out on November 25th, and hopefully I'll be done.

REG - 76 (Exp 1/27/14); 3 attempts to pass
BEC - 83; 2 attempts to pass
AUD - 80; 3 attempts to pass
FAR - Nov 25th; 2nd attempt

[kels417]

@DC – I'd say you'll be okay just doing the questions once or twice for Ch. 10. The main section for that chapter is Partnerships and nothing is too complicated to understand, so by going through it quickly, you should be fine. Having said that…..the AICPA could be a bunch of jerks and test extensively on a tiny subject. You just never know!

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[kels417]

@DC – I'd say you'll be okay just doing the questions once or twice for Ch. 10. The main section for that chapter is Partnerships and nothing is too complicated to understand, so by going through it quickly, you should be fine. Having said that…..the AICPA could be a bunch of jerks and test extensively on a tiny subject. You just never know!

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[kels417]

@DC – I'd say you'll be okay just doing the questions once or twice for Ch. 10. The main section for that chapter is Partnerships and nothing is too complicated to understand, so by going through it quickly, you should be fine. Having said that…..the AICPA could be a bunch of jerks and test extensively on a tiny subject. You just never know!

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[kels417]

@DC – I'd say you'll be okay just doing the questions once or twice for Ch. 10. The main section for that chapter is Partnerships and nothing is too complicated to understand, so by going through it quickly, you should be fine. Having said that…..the AICPA could be a bunch of jerks and test extensively on a tiny subject. You just never know!

Illinois
Becker self study | Becker flashcards | Gleim | self written notes | WTB

AUD - 74, 75 Passed! (Expires 1/2/2014)
BEC - 78 Passed! (Expires 2/6/2014)
REG - 70, 70, 72, 74, 76 Passed!!
FAR - 72, 66, 69, 67

[Ib]

Hello everyone,

Are you using any other simulation practice exam in addition Wiley? I had technical problems with simulations in Wiley and therefore must supplement this part with some other practice exam. Has anyone used Gleim? Please share Your views which one is better for FAR simulations.

Thanks!

FAR 79
AUD 87
BEC 78
REG 08/31/2016

[Ib]

Hello everyone,

Are you using any other simulation practice exam in addition Wiley? I had technical problems with simulations in Wiley and therefore must supplement this part with some other practice exam. Has anyone used Gleim? Please share Your views which one is better for FAR simulations.

Thanks!

FAR 79
AUD 87
BEC 78
REG 08/31/2016

[Author]

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