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Find what is the balance of lease liability as of january

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Problem 1: On January 1, 2021, a 5-year lease is entered for 100,000 per year payable every year end with the implicit rate is 10%. On January 1, 2023, the lease agreement is modified to be 150,000 per year end for the remaining of the lease term. What is the balance of the lease liability as of January 1, 2023 after considering the modification?

Reference no: EM132938365

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