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Prepare the relevant journal entries in the first year

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Question - Maxi Ltd has acquired a vehicle under a four-year lease commencing January 1, 2019. The vehicle's remaining expected useful life is four years. Four payments are due to the lessor in the amount of $50,000 per year beginning December 31 2019. The lessee's incremental borrowing rate is 20%. Prepare the relevant journal entries in the first year of the lease.

Reference no: EM133085407

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