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Pharoah Company leases a new building from Noble Construction, Inc. The present value of the lease payments is $800,000. The lease is a finance

Pharoah Company leases a new building from Noble Construction, Inc. The present value of the lease payments is $800,000. The lease is a finance lease. Prepare the journal entry that the lessee should make to record this transaction. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit 800,000 800,000

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