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Provide journal entries

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Question - On January 1, 20X1, ABC Co. enters into a 4 year lease of office equipment. Annual rental payable at the end of each year is P 12,000. As inducement in entering into the lease, the lessor makes the first 3 months of the lease as rent-free. ABC Co. opts to use the practical expedient allowed under PFRS 16 for leases of low value assets. Provide journal entries.

Reference no: EM132789117

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