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because it does not know the implicit interest rate the lessor is charging. The present value of a $40,000 annuity due for five years at

because it does not know the implicit interest rate the lessor is charging. The present value of a $40,000 annuity due for five years at an annual interest rate of 10 percent is $166,795. Prepare the journal entries required for government-wide financial statements for this lease contract for 2023 and 2024. Note: Round your answers to the nearest whole number

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