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A. On January 1, 2021, Jack leased office space from Luna under a 20-year operating lease agreement. Lunas borrowing rate is 5%. The lease calls

A. On January 1, 2021, Jack leased office space from Luna under a 20-year operating lease agreement. Lunas borrowing rate is 5%. The lease calls for annual lease payments of $10,000 on January 1 of each year. Record all journal entries related to the lease for 2021, 2022, and 2023 for both Luna and Jack.

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