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Stubbs Inc. leased a piece of manufacturing equipment on December 31, 20X4, classified as an operating lease. The lease requires three lease payments of $110,000

Stubbs Inc. leased a piece of manufacturing equipment on December 31, 20X4, classified as an operating lease. The lease requires three lease payments of $110,000 due each December 31st, with the first payment due December 31, 20X5. The contract's implied discount rate is 6% and the present value of the lease payments is $294,031. The journal entry(ies) associated with the December 31, 20X5 payment will reduce the right-of-use asset by what amount?

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