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Pharoah Corporation entered into an operating lease to lease equipment from Sheridan, Inc. on January The lease calls for annual lease payments of $ beginning on December for each of the years of the lease. In addition, Sheridan, Inc. will pay Pharoah Corporation $ as a cash incentive for entering the lease by December In relation to the lease agreement, Pharoah incurred the following costs.
Commissions for selling agents
Internal engineering costs
$
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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