Record the following 20X8 transactions in the town of Collin Springs General Fund General Ledger.

1. The town of Collin Springs entered into a capital lease for firefighting equipment. The capi- talizable cost of the equipment was $3,800,000, and the town made a 10 percent down pay- ment at the inception of the lease. The effective interest rate implicit in the lease was 10%,

compounded semiannually. 2. The town paid its first semiannual lease payment of $240,000. 3. The second semiannual lease payment of $240,000, due the last day of the town fiscal year, was paid.