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J leased $11,000 of equipment to an individual. The terms of the lease were 48 months, six percent interest, and monthly payments of $218, The

  1. J leased $11,000 of equipment to an individual. The terms of the lease were 48 months, six percent interest, and monthly payments of $218, The equipment had a five-year life. Record the journal entry for the first months payment.

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