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Kemba Corporation has acquired equipment on January 1 2021 by engaging in a 5-year lease transaction that requires annual lease payments of $240 January 1
Kemba Corporation has acquired equipment on January 1 2021 by engaging in a 5-year lease transaction that requires annual lease payments of $240 January 1 2021 Instructions Prepare the journal entries to record the lease inception at January 1, 2021 assuming a) The lease is classified as an operating lease b) The lease is classified as a finance lease and the present value of the minimal lease payments has been determined to be $100,077
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