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Prepare the entry for the first payment on May

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Question - Pharoah Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city. Pharoah signed a 10-month lease on a warehouse requiring monthly payments in advance of $18,500.

What is the nature of the lease assuming Pharoah follows IFRS 16?

Pharoah should classify the lease as

Prepare the entry for the first payment on May 1, 2020

Prepare the entry for the first payment on May 1, 2020. Assume Pharoah followed ASPE.

Reference no: EM132510857

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