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On January 1 , 2 0 2 4 , Lowe's Inc. entered into a lease agreement with Traveler Inc. to lease a car for 3
On January Lowe's Inc. entered into a lease agreement with Traveler Inc. to lease a car for years. The lease is accounted for as a finance lease and $ in lease payments are due at at the beginning of the period starting January and on December of each year thereafter. There is no residual value. The rate implicit in the lease is On December what entry or entries will Lowe's record regarding the lease? The present value of an annuity due at for years is Round to whole dollars
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tableDebit,CreditLease expense,Lease liability,,Right of use asset,Debit,CreditInterest expense,Lease liability,,Cash,Amortization expense,Debit,CreditRightofuse asset,Interest expense,Lease liability,,Debit,CreditAmortization expense,Rightofuse asset,Interest expense,,
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