How do record variable payments

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Reference no: EM132474510

Question 1. How do we record variable payments (not in-substance fixed payments or payments vary by a stated rate or index) in journal entry by a lessee and lessor, suppose it is monthly payments?

Question 2. If there is a future event that involves potential loss and it is both probable and reasonably estimable, and you record contingent loss and contingent expense. How do you record journal entry when it becomes actual liability? Do we need to write off contingent liability and contingent expense?

Reference no: EM132474510

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