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Anderson Consulting leased machinery from Red Inc. on July 1, 2016. The lease was recorded as a finances. The present value of the lease payments

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Anderson Consulting leased machinery from Red Inc. on July 1, 2016. The lease was recorded as a finances. The present value of the lease payments discounted at 8% was $445,000. Ten annual lease payments of $63,615 are due each July 1 beginning July 1, 2018 On July 1, 2018, the debit to Lease Payable will be

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