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Pharoah Corporation owns equipment that cost $61,200and has a useful life of6years with no salvage value. On January 1, 2017, Pharoah leases the equipment to

Pharoah Corporation owns equipment that cost $61,200and has a useful life of6years with no salvage value. On January 1, 2017, Pharoah leases the equipment to Donna Havaci Inc. for one year with one rental payment of $13,700on January 1.

Prepare Pharoah Corporation's 2017 journal entries

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