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On January 1, Dallas Corp. leases a truck they have manufactured to Valley Corp. Dallas has calculated the lease payments to Valley to be $40,000

On January 1, Dallas Corp. leases a truck they have manufactured to Valley Corp. Dallas has calculated the lease payments to Valley to be $40,000 per year for 4 years, and the sales price of the truck is $130,000. It cost Dallas $100,000 to manufacture the truck. Dallas follows IFRS.

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Record the journal entries to set up the lease on January 1 on the books of the lessor, Dallas.

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