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Good day,
What is the effect of having a donation given in the question on the calculation of lease liability and right of use asset, if payments were made both in advance/ in arrears.
Thank you in advance.
Hi,
What do you mean by a donation, please? Where have you seen this in a question?
Thanks
Hi,
Ah, that makes more sense, thanks. The amount of the deposit is included in the present value of minimum lease payments to record the initial value of the lease payable and the right of use asset. The payable is then immediately reduced by the payment of the deposit.
Thanks
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