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Some examples from this set of practice questions
1.
Leases: What is a low value asset
Answer: A low value asset is any asset with a value less than USD5000
2.
Leases: How do we calculate implicit interest rate of both lessee and lessor
Answer: Components PV = Lease liability plus direct costs of lessor N = Lease term PMT = Lease installments FV = Guaranteed and unguaranteed residual value Compute interest from Calc
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