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Problem 12. Lessor leases asset to Lessee on 1/1/2020. Lease term is 1 year. Lease payment is $10,000/month with each payment due at the end

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Problem 12. Lessor leases asset to Lessee on 1/1/2020. Lease term is 1 year. Lease payment is $10,000/month with each payment due at the end of the month. Lessee elects the shortcut method for short-term leases. Required 1. Prepare Lessor and Lessee entries to record the 1/31/2020 lease payment. Lessee entry: Account Debit Credit 1 1 Lessor entry: Account Debit Credit 2 2

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