McCormick Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $170,000
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McCormick Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $170,000 on May 1, 2020. The interest rate is 30% . McCornick made the first lease payment of $35,761 on May 1, 2020. The lease requires a total of eight annual payments. The equipment has a useful lif of eight years with no residual value. Prepare McCornick's December 31, 2020 adjusting entries. Round to the nearest dollar.
Related Book For
Intermediate Accounting
ISBN: 978-1119048541
11th Canadian edition Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Nicola M. Young, Irene M. Wiecek, Bruce J. McConomy
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