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What is the amount of interest expense to be recognized

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Reference no: EM132914526

Problem - Jade Limited entered into 3 year lease of an equipment on 1 January 2020. The annual lease payment for Jade Limited was $350,000 payable in arrears, with the first payment on 31 December 2020. The interest rate implicit in the lease was 9% per annum. What is the amount of interest expense to be recognized in Jade Limited's statement o profit or loss for the year ended 31 December 2020?

A. $79,736

B. $885,953

C. $55,412

D. 615,689

E. None

Reference no: EM132914526

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