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What the total lease-related expenses for the fiscal year

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Barbie has leased an item of plant under the following terms:

Commencement of the lease - January 1, 2019,

Term of the lease - 5 years

Annual payments in advance - P12,000

Cash price and fair value of the asset - P52,000

Implicit interest rate - 8% per annum

Depreciation policy - 20% per annum

Problem 1: The total lease-related expenses for the fiscal year ended September 30, 2020, is

Reference no: EM132788541

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