[ACCASneh@l]

On 1 November 20X8, Burford made an upfront payment in full of $45,000 for a nine-month lease of a piece of equipment. Burford’s year end is 31 December 20X8. The company wishes to take advantage of any available recognition exemptions in IFRS 16 Leases.

Assuming Burford applies any permitted exemption, what amount would be charged to Burford’s statement of profit or loss for the year ended 31 December 20X8 in respect of this transaction?

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