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On 1 July 2020, Madrid Ltd leased a processing plant from Reece Ltd. The finance lease agreement contained the following provisions. Required 1. Prepare the

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On 1 July 2020, Madrid Ltd leased a processing plant from Reece Ltd. The finance lease agreement contained the following provisions. Required 1. Prepare the lease payments schedule for Madrid Ltd. 2. Prepare the journal entries in the records of Madrid Ltd at the inception of the lease and for the year ended 30 lune 2021

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