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Knowledge Check 01 makes an entry at the beginning of a leose. which of the following are includedin the amount thar will be recorded as both a right-ofuse asset and a lease labity? (Select all thet apply.) Check Al That Apply Fair velué of the esset leased d resicual value Present value of Present vaue of perodic lesse

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Answer is highlighted in yellow: Solution: Present value of a cash payment expected to be made at the end of lease term, because of guaranteed residual value Present value of periodic lease payment. Answer: Explanation It is standardized that, lease is recorded at Present value of Periodic lease payment and guranteed residual value (if any) If residual value is not guranteed (e.g. expected), then it is not included in the Right to use asset and Lease Liability Since, it is standardized no further explanation require

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