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What would be the journal entries on July

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Question - On 1 July 2020, Brooklyn Ltd (lessor) leased Equipment to New Ltd (lessee).

The lease agreement contained the following:

Annual Lease receivable on 1 July (in advance) $50,000

Lease Receivable on 1 July 2020 - measured at NPV net of initial lease receipts $176,992

What would be the journal entries on 1 July 2020 for the lessor (Brooklyn Ltd)?

1/7/2020

Dr Lease Receivables $176,992

Cr Equipment $176,992

None of these

1/7/2020

Dr Lease Receivables $176,992

Dr Cash at Bank $50,000

Cr Right of use Asset $226,992

1/7/2020

Dr Lease Receivables $176,992

Cr Equipment $176,992

1/7/2020

Dr Lease Receivables $176,992

Dr Cash at Bank $50,000

Cr Equipment $226,992

Reference no: EM132571305

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