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1. On January 1, 2021 Thoughtless Corporation leased a machine with a present value of $70,000 re- quiring four annual lease payment of $21,607 each.

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1. On January 1, 2021 Thoughtless Corporation leased a machine with a present value of $70,000 re- quiring four annual lease payment of $21,607 each. The interest rate on the lease is 9%. (a) Prepare the Company's journal entry to record the lease. (b) Prepare the journal entries to record the first and second annual payments

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