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On 1 July 206, Ann Ltd enters into an operating lease arrangement with Jo Ltd....

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On 1 July 206, Ann Ltd enters into an operating lease arrangement with Jo Ltd. Ann Ltd is to lease equipment from Jo Ltd for a period of three years. The fair value of the asset was $5,000. Rental payments of $800 each are payable six-monthly with the first payment made on 1 July 20X6. Prepare general journal entries to record the lease-related transactions in the books of Ann Ltd for the year ended 30 June 20X7

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