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SALE-LEASEBACK TRANSACTION - OPERATING LEASE
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Feb. 28, 2013
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| SALE-LEASEBACK TRANSACTION - OPERATING LEASE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| SALE-LEASEBACK TRANSACTION - OPERATING LEASE |
On February 25, 1999, the Company entered into a sale-leaseback arrangement whereby the Company sold its land and building at 24 Carpenter Road in Chester, New York and leased it back for a period of 20 years. The leaseback is accounted for as an operating lease. The gain of $449,617 realized in this transaction has been deferred and is amortized to income in proportion to rental expense over the term of the related lease.
At February 28, 2013 minimum future rental payments are:
Rent expense for the years ended February 28, 2013 and February 29, 2012 aggregated $132,504. |
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- Details
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- Definition
The entire disclosure for sale leaseback transactions. Includes the elements of a transaction involving the sale of property to another party and the lease of the property back to the seller. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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