Use the information for Wing Corporation and Sharda Inc. from BE209. Assume that Sharda, the lessor, has
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In BE Wing Corporation enters into a lease with Sharda Inc, a lessor, on August 15, 2011, that does not transfer ownership or contain a bargain purchase option. Both Wing and Sharda use IFRS. The lease covers three years of the equipment’s eight-year useful life, and the present value of the minimum lease payments is less than 90% of the equipment’s fair market value. Prepare Wing’s journal entry to record its August 15, 2011 annual lease payment of $31,500. Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Related Book For
Intermediate Accounting
ISBN: 978-0470161012
9th Canadian Edition, Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield.
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