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Assume that sandhill follows aspe and how sandhill classify

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On January 1, 2020, Sandhill Corporation (the lessee) entered into a four-year, non-cancellable equipment lease contract with Vaughn Inc. (the lessor). The PV of the minimum lease payments required was $111,565. Also at lease inception, it was estimated that the equipment's economic life was eight years, and that its fair value was $144,000. The lease does not transfer title or contain a bargain purchase option and it is not for specialized equipment.

Question 1: Assume that Sandhill follows IFRS 16. How should Sandhill set up this lease?

Question 2: Sandhill should set up the lease as a right-of-use assetan operating lease

Question 3: Assume that Sandhill follows ASPE. How should Sandhill classify this lease?

Question 4: Sandhill should classify the lease as an operating leasea capital lease

Reference no: EM132597766

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