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Hy Marx Company recorded a right - of - use asset of $ 6 1 2 , 0 0 0 in a 1 0 -
Hy Marx Company recorded a rightofuse asset of $ in a year operating lease. Lease payments are made annually on
January of each year beginning January The interest rate charged by the lessor was
Note: Use tables, Excel, or a financial calculator. FV of $ PV of $ FVA of $ PVA of $ FVAD of $ and PVAD of $
Required:
Prepare the appropriate journal entries on January and December
Note: If no entry is required for a particular transaction, select No journal entry required" in the first account field. Round your
answers to the nearest whole dollar amounts.
Answer is complete but not entirely correct.
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