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Prepare the required entries at commencement of the lease

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Reference no: EM132468697

Question 1: Lessee follows ASC 842 to account for the lease. Prepare the required entries at

1) commencement of the lease,

2) at each year-end to record the lease cost and properly state the lease liability and ROU asset, and

3) on January 1 of each year to record the lease payments

Reference no: EM132468697

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