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May 1st Company entered into an 8-year lease agreement for a truck for company use. The lease requires payment of $800 at the end of
May 1st Company entered into an 8-year lease agreement for a truck for company use. The lease requires payment of $800 at the end of each month for eight years. The trucks economic life is 10 years with no salvage value. Companys incremental borrowing rate is 3.75%. In addition to journal entry, show the necessary computations including the schedule for amortization on Excel sheet entitled Q-Computations
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