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On January 1 , 2 0 2 3 , Archibald Industries entered into an agreement to lease office space for a five - year period.
On January Archibald Industries entered into an agreement to lease office space for a five year period. Details of the lease are:
Payments $ per annum first due at the commencement date.
Payment includes:$ for office rental and $ for property taxes.
Interest rate implicit in the lease: Not readily determinable.
Incremental borrowing rate:
Depreciation method:straightline.
Year end:December
Required: Prepare Archibald Industries' journal entries for and January
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