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limm Company leases an asset over its estimated useful life of six years. At the inception of the lease, the present value of the lease

limm Company leases an asset over its estimated useful life of six years. At the inception of the lease, the present value of the lease payments is $240,000. The market value of the leased asset is $258,000. The "property rights approach" is evident under ASB Topic 842 and IFRS No. 16 because both standards require that the

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