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but has an incremental borrowing rate of 6%. Lessee Inc. paid $600 on January 1 of Year 1 in initial direct costs Prepare the entries

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but has an incremental borrowing rate of 6%. Lessee Inc. paid $600 on January 1 of Year 1 in initial direct costs Prepare the entries for Lessee Inc. for Year 1 assuming that the lease is properly classified as operating. - Note: Round your answers to the nearest whole dollar

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