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3. Big Billy Guff entered into a lease agreement for an asset on the following terms: Lease period = 4 years Lease payment = $25,000

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3. Big Billy Guff entered into a lease agreement for an asset on the following terms: Lease period = 4 years Lease payment = $25,000 at the end of each period Lease interest rate = 10% Requirements 1. Assuming that this lease qualifies as a capital lease, Prepare the journal entry starting from the signing of the lease and for the first lease payment. [5 Enter your

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