McCormick Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $150,000
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McCormick Ltd., a public company following IFRS 16, recorded a right-of-use asset and lease liability at $150,000 on May 1, 2020. The interest rate is 10%. McCormick made the first lease payment of $25,561 on May 1, 2020. The lease requires a total of eight annual payments. The equipment has a useful life of eight years with no residual value. Prepare McCormick’s December 31, 2020 adjusting entries. Round amounts to the nearest dollar.
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Interest Expense 8296 Lease Liability 8296 1500...View the full answer
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Related Book For 
Intermediate Accounting Volume 2
ISBN: 9781119497042
12th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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