What is the amount of gain or loss on lease liability

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Question - On January 1, 2021, the 5-year lease ahs an annual lease payments required each year end of 600,000 and discount rate of 10%. The lessee paid the required lease payments and on Jan. 1, 2023, the lease contract is modified to have a discount rate of 15% for the remaining time of the lease term. What is the amount of gain or loss on lease liability modification on Jan 1, 2023?

Reference no: EM133022217

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