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Lease Accounting : A company leases equipment under an operating lease with annual lease payments of $50,000 for 5 years. If the implicit interest rate

Lease Accounting: A company leases equipment under an operating lease with annual lease payments of $50,000 for 5 years. If the implicit interest rate is 8%, calculate the present value of the lease payments and discuss the accounting treatment for operating leases under the new lease accounting standards (IFRS 16 and ASC 842).

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