Prepare the journal entries that the lessee should make to record the following transactions. 1. The lessee
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1. The lessee makes a lease payment of $80,000 to the lessor in an operating lease transaction.
2. Imhoff Company leases a new building from Noble Construction, Inc. The present value of the lease payments is $700,000. The lease qualifies as a capital lease.
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Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
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