Explain whether each of the following would be considered a liability according to IFRS (using the criteria
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a. The cost of providing warranty services to a customer who purchased a product in 2017. The warranty covers parts and labour for three years from the date of purchase.
b. A company borrows $950,000 on January 8, 2018. The loan bears an annual interest rate of 7.5 percent and must be renewed each year.
c. A small business signs a two-year, non-cancellable lease on office space in a down town building in December 2016. The lease requires the business to pay $10,000 in rent over the two years of the lease.
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