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Record the transactions in the first year

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Question - The Company sign a leasing contract for a machine on the 1st of January. The useful lifetime of the machine is 10 years, while the lease term is 8 years. At the end of the contract the lessor takes the machine back. The fair value of the transaction is 2 000€, the annual lease fee is 375€, the implicit interest rate is 10%. Record the above transactions in the first year.

Reference no: EM132959094

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