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On 1 July 2017, Western Mining Ltd leased a large truck from Todd Ltd. The truck had a fair value of $150,109 on 1 July 2017. The lease agreement contained the following provisions: Lease term 4 yearsAnnual lease payment in advance on 1 July each year $45,000. Expected resi...
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1.Please discuss what is a lease? and provide an overview of how accounting for lease was changed as a result of the release of IFRS 16 Leases. 2.Please discuss why would the carrying amount of a leased asset typically reduce more quickly than the carrying amount of a lease liability?
1. A lease is a