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At what amount is the lease liability recorded

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Question - On January? 1, 2019, Wynn Manufacturing leased a floor of a building for use in its North American operations from Easymoney Bank. The 9-?year, noncancellable lease requires annual lease payments of $10,500?, beginning January? 1, 2019, and at each January 1 thereafter through 2027. The lease agreement does not transfer? ownership, nor does it contain a purchase option. The floor of the building has a fair value of? $85,000 and an estimated remaining life of 10 years. Easymoney? Bank's implicit rate of 10?% is known to Wynn. At what amount is the lease liability recorded at lease? commencement?

 

Reference no: EM132864632

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