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May 1: A new long-term lease is entered into for a much larger corporate office which will house the company and its future acquired company.

May 1: A new long-term lease is entered into for a much larger corporate office which will house the company and its future acquired company. The net present value of the future lease payments is $510,800. The lease is for six years. How to journalize this transaction on basis of the lease amount?

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