(L02) Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2017. The interest rate...
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(L02) Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2017. The interest rate is 12%.
Kleckner Corporation made the first lease payment of $53,920 on January 1, 2017. The lease requires eight annual payments. The equipment has a useful life of 8 years with no salvage value. Prepare Kleckner Corporation’s December 31, 2017, adjusting entries.
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