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Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related

Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2021. Chance elected the short-term lease option. Appropriate adjusting entries are made annually.
Related Information: Lease term 1 year (12 monthly periods) Monthly lease payments $66,000 at Jan. 1, 2021, through Dec. 1, 2021. Economic life of asset 5 years Interest rate charged by the lessor 6%

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