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Chicago Construction began a fourteen-year 5% lease on an excavator on January 1, 2019. The excavator has a list price of $420,000 and required a

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Chicago Construction began a fourteen-year 5% lease on an excavator on January 1, 2019. The excavator has a list price of $420,000 and required a 550.000 down payment at the inception of the lease Chicago Construction must make thirteen-equal payments of $39,388,63 on December 31 of each year. Which of the following was included in the journal entry that Chicago made to record the lease payment on December 31, 2020? Select one: a. Debit to lease ability for $21.993 b. Credit to interest expense for 517,456 c. Debit to interest expense for $15,896 d. Debit to lease liability for $23,492

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