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Provide the journal entries for abc co

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Reference no: EM132618383

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 ?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.

Requirement:

Problem 1: Provide the journal entries.

Reference no: EM132618383

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