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What amount will company receive at the time lease expires

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Question

Sheffield Corp. maintains its accounting records using IFRS. The company recently signed a lease for a new office building, for a lease period of 9 years.

Under the lease agreement, a security deposit of $31000 is made, with the deposit to be returned at the expiration of the lease, with interest compounded at 10% per year. What amount will the company receive at the time the lease expires?

Reference no: EM132344270

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