Pharoah Corporation entered into an operating lease agreement to lease equipment from Sheridan, Inc. on...
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Pharoah Corporation entered into an operating lease agreement to lease equipment from Sheridan, Inc. on January The lease calls for annual lease payments of $ beginning on January for each of the years of the lease. In addition, Sheridan will pay Pharoah $ as a cash incentive for entering the lease by January In relation to the lease agreement, Pharoah incurred the following costs:
Salaries of employees involved in the investigation of the lease
$
Lease document preparation costs incurred after execution of the lease
Pharoah's incremental borrowing rate is If the value of the lease liability is $ what amount will Pharoah record as the value of the rightofuse asset on January at commencement of the operating lease?
Value of the rightofuse asset
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