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The company rents vehicle and has contracts with customers that run from Sep to June....

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Accounting

The company rents vehicle and has contracts with customers that run from Sep to June.

Customers pay the yearly fee in advance for the rentals. In September 2001, the company received $70,000 cash and recorded it as rental income.

What is Dec 31,2001 year-end adjusting entries for this transaction under IFRS.

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