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A company leases a machine at an annual payment of $8,500 for 6 years. an interest rate of 5% is assumed and the lease qualifies
A company leases a machine at an annual payment of $8,500 for 6 years. an interest rate of 5% is assumed and the lease qualifies as a finance lease. The present value of the lease payments is $43,143. How would the company record the lease in their general ledger? (Check all that apply.) Multiple select question. debit to Interest Expense for $2,157 credit to Cash for $8,500 credit to Lease Liability for $43,143 debit to Rental Expense for $8,500 debit to Leased Machine for $43,143
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