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Initial measurement of right-of-use asset and lease liability Larry Co.leases a fleet of vehicles to Curly Co. for 5 years. The annual lease payment,
Initial measurement of right-of-use asset and lease liability Larry Co.leases a fleet of vehicles to Curly Co. for 5 years. The annual lease payment, due at the beginning of the year is $ 75,000 and the rate implicit in the lease is 8%. Curly Co. records leases under IFRS 16. What is the initial journal entry to set up the lease on Curly Co.'s books?
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Intermediate Accounting
Authors: Loren A. Nikolai, John D. Bazley, Jefferson P. Jones
11th edition
978-0538467087, 9781111781262, 538467088, 1111781265, 978-0324659139
