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What is the nature of the lease assuming pharoah follows

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Pharoah Corporation recently needed to find temporary inventory storage space when transitioning from an old factory to a newly built factory within the same city. Pharoah signed a 10-month lease on a warehouse requiring monthly payments in advance of $18,500.

Question 1: What is the nature of the lease assuming Pharoah follows IFRS 16?

Pharoah should classify the lease as select a nature of the lease a finance leasea right-of-use assetan operating lease.

Question 2: Prepare the entry for the first payment on May 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Reference no: EM132597765

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