Solved: Ward products leased office space under a 10-year operating, Accounting Basics

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Ward products leased office space under a 10-year operating

Question - Ward Products leased office space under a 10-year operating lease agreement. The lease specified 120 monthly rent payments of $6,600 each, beginning at the inception of the lease. In addition to the first rent payment, Ward also paid a $190,000 advance payment at the lease's inception.

What will be the effect of the lease on Ward's earnings for the first year (ignore taxes)?

Will Ward increase or decrease earnings by how much?

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Accounting Basics: Ward products leased office space under a 10-year operating

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Accounting Basics: Ward products leased office space under a 10-year operating

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