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Tissaia Co. (lessee) entered into a contract of lease with Aretuza Co. (lessor) that allows Tissaia to occupy a parcel of land owned by Aretuza. The following terms were agreed on January 1, 2020:
500,000 annual rental
5 year term
implicit rate of 12%
incremental borrowing rate of 10%
The present value factors of an ordinary annuity for 5 periods are:
10% 3.7908
12% 3.6048
Requirements:
Question a. What amount of lease liability present value will be recorded by Tissaia on January 1, 2020?
Question b. Make an amortization table for the lease.
Question c. Prepare the journal entries in the books of Tissaia for the year 2020.
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