On June 30, 2013, Falk Co. sold equipment to an unaffiliated company for 1,400,000. The equipment had a book value of 1,260,000 and a remaining useful life of 10 years. That same day, Falk leased back the equipment at 14,000 per month for 5 years with no option to renew the lease or repurchase the equipment.
activities of the mining equipment, technology and services (METS) sector add further to Australia's national income and employment. The Australian economy continues to enjoy the fruits of the latest mining boom that began in 2003.