Question
In: Accounting
John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East.
John has applied and been approved a licence to operate a casino in Melbourne, which later on he named it The Casino East. John has received 10-year licence from Victorian Government to operate the casino. He also received approval for Casino’s building for a long period of time (90 years). John was instructed by the relevant Government agency to pay $180 million for the approved casino’s licence and $80 million as prepaid rent covering the first 10 years of casino’s rental. John has negotiated to pay $400,000 rental per year for the remaining 80 years of the lease.
With reference to relevant legislation and case law discuss whether casinos prepaid rent is considered a revenue expense or a capital expense.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
John has applied and been approved a licence to operate a casino in Melbourne, which later...
John has applied and been approved a licence to operate a casino
in Melbourne, which later on he
named it The Casino East. John has received 10-year licence from
Victorian Government to operate
the casino. He also received approval for Casino’s building for a
long period of time (90 years).
John was instructed by the relevant Government agency to pay $180
million for the approved
casino’s licence and $80 million as prepaid rent covering the first
10 years of casino’s...
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Year
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