Crane Ltd. purchased land and constructed a service station, at a total cost of $459900....
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Crane Ltd purchased land and constructed a service station, at a total cost of $ On January when construction was completed, Crane sold the service station and land to a major oil company for $ and immediately leased it back from the oil company. Fair value of the land at the time of the sale was $ The lease is a year, noncancellable lease. Crane uses straightline amortization for its other assets. The economic life of the station is years with zero residual value. Title to the property will revert back to Crane at the end of the lease. The total leaserelated expenses recognized by the lessee during are rounded to the nearest dollar $ $ $ $ 
Crane Ltd purchased land and constructed a service station, at a total cost of $ On January when construction was
completed, Crane sold the service station and land to a major oil company for $ and immediately leased it back from the oil
company. Fair value of the land at the time of the sale was $ The lease is a year, noncancellable lease. Crane uses
straightline amortization for its other assets. The economic life of the station is years with zero residual value. Title to the property
will revert back to Crane at the end of the lease.
The total leaserelated expenses recognized by the lessee during are rounded to the nearest dollar
$
$
$
$
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