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Classify the lease for Oceans Ltd

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Question - Oceans Ltd manufactures specialised moulding machinery for both sale and lease. On 1 July 2020, Oceans Ltd leased a machine to Eleven Ltd. The machine being leased cost Oceans Ltd $195 000 to make and its fair value at 1 July 2020 is considered to be $212 515. The terms of the lease are as follows.

Required - Classify the lease for Oceans Ltd. Justify your answer.

Reference no: EM132610821

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