Reference no: EM133145696
Question - Concord Corp., which uses IFRS, signs non-renewable, non-cancellable lease agreement to lease robotic equipment from Xiu Inc. The following information concerns the lease agreement.
Inception date January 1, 2020
Lease term 5 years
Fair value of equipment Jan. 1, 2020 $130,000
Economic life of leased equipment 7 years
Annual rental payments starting Jan. 1, 2020 $23,694
Option to purchase at the end of the term none
Depreciation method Straight-line
Residual value none
Concord's incremental borrowing rate 10%
Using (1) factor tables, (2) a financial calculator, or (3) Excel functions, calculate the amount of the right-of-use asset and lease liability.
Prepare the initial entry to reflect the signing of the lease agreement.
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