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Crane Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city.
Crane Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city. Crane signed a 10-month lease on a warehouse requiring monthly payments in advance of $22,000. What is the nature of the lease assuming Crane follows IFRS 16? Crane should classify the lease as Prepare the entry for the first payment on May 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation May 1, 2020 Prepare the entry for the first payment on May 1, 2020. Assume Crane followed ASPE. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation May 1, 2020
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