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Kurtz Rentals rents equipment to Ditka on February 1. Lease terms require Ditka to make payments to Kurtz of $2000 each quarter: April 30, July

Kurtz Rentals rents equipment to Ditka on February 1. Lease terms require Ditka to make payments to Kurtz of $2000 each quarter: April 30, July 31, October 31, and January 31. Kurtz receives payments for April, July, and October.

1. What journal entry should Kurtz record on December 31?

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