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What is the nature of the lease

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Question - Crane Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city. Crane signed a 10-month lease on a warehouse requiring monthly payments in advance of $22,000.

What is the nature of the lease assuming Crane follows IFRS 16?

Prepare the entry for the first payment on May 1, 2020.

Prepare the entry for the first payment on May 1, 2020. Assume Crane followed ASPE.

Reference no: EM132493753

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