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Paper Inc. (lessee) enters into a 2-year lease agreement with Pitney Bowes (lessor) on 7/1/2023 with payments due once a quarter. This is a non-cancelable
Paper Inc. (lessee) enters into a 2-year lease agreement with Pitney Bowes (lessor) on 7/1/2023 with payments due once a quarter. This is a non-cancelable right-of-use lease for a postage meter having a FMV of $10,000.00 with no residual value. The lessee's incremental borrowing rate is 7.00%. Create the lessee's amortization schedule and all applicable general journal entries for 2023. (check figure: Right-of-Use Asset T-Account balance after all entries have been made = 7,628.58)
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