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What is the initial journal entry to set up the lease

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Question - Spider co-leases a fleet of vehicles to Web Co. for 5 years. The annual lease payment, due at the beginning of the year is $75,000 and the rate implicit in the lease is 8%. Web Co. records leases under IFRS 16.

Required - What is the initial journal entry to set up the lease on Web Co.'s books?

Reference no: EM132625613

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