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Bank leases a MRI machine to City Hospital. The purchase price was $500,000. Total lease payments are $600,000. There will be no residual value.
Bank leases a MRI machine to City Hospital. The purchase price was $500,000. Total lease payments are $600,000. There will be no residual value. What are the journal entries to record the purchase of the equipment and direct financing lease? If Lease payments are $10,000, what would be the entry for the 1st payment?
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Financial Accounting
Authors: Walter T. Harrison, Charles T. Horngren
7th edition
0135012848, 978-0135012840
