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Prepare all journal entries for the year on alfa book

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On January 1, Alfa Corp. leases a truck they have acquired to Romeo Corp. Alfa has calculated the lease payments to Romeo to be $ 33,500 per year for 4 years. The first payment was received when the lease was signed. Alfa acquired the truck for leasing purposes for $125,000. The rate implicit in the lease is 5%.

Required:

Problem 1: Prepare all journal entries for the 2020 year on Alfa's books. Alfa follows IFRS.

Reference no: EM132787922

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