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Dear Sir,
We have a one-year warehouse rental agreement, renewable annually with price negotiations. It is virtually certain we will continue using this warehouse, with no option to purchase at the end. The monthly rent is USD 3,000.
From the lessee’s perspective, should this be treated as an Operating Lease (expenses on a straight-line basis) or a Finance Lease (Right-of-Use asset and Lease liability on the balance sheet)?
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