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Diablo Company leased a machine from Juniper Corporation on January 1, 2021. The machine has a fair value of $20,000,000. The lease agreement calls for
Diablo Company leased a machine from Juniper Corporation on January 1, 2021. The machine has a fair value of $20,000,000. The lease agreement calls for four equal payments at the end of each year in the amount of $6,309,410. The useful life of the machine was expected to be four years with no residual value. The appropriate interest rate for this lease is 10%. Required: Round your answers to the nearest whole dollar amounts. Prepare a lease amortization table. Prepare all journal entries for Diablo (lessee finance lease). Show all computations. embe
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