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FHA is a private corporation adhering to ASPE, enters into a non-cancellable lease agreement on July 1, 2017, to lease equipment from EP Ltd. Selected details relevant to the lease agreement are below:
Required
Question a) What type of lease this is for FHA? Explain your rationale using all ASPE tests?
Question b) Prepare the journal entries on FHA's books that relate to the lease agreement for the following dates. Round all amounts to the nearest dollar. Show your calculations
i. July 1, 2017
ii. December 31, 2017
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