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On January 1, B. Edward Company entered into a lease for equipment rental. The company agreed to pay $4,500 per year for 10 years. The

On January 1, B. Edward Company entered into a lease for equipment rental. The company agreed to pay $4,500 per year for 10 years. The present value of all 10 lease payments is $31,941.Assuming the company classified the lease as a capital lease, make the necessary journal entry to record the acquisition of the equipment. The first lease payment is made at the end of the year.


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