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Recording Sales - Type Lease Journal Entries Residual Value Kelly Inc. leased equipment, originally reported in inventory, to General Engines Inc. for a 4 -
Recording SalesType Lease Journal Entries Residual Value
Kelly Inc. leased equipment, originally reported in inventory, to General Engines Inc. for a year lease term and
recorded the lease as a salestype lease. At the expiration of the lease, the equipment had a fair value equal to
the guaranteed residual value of $ and was returned to Kelly Inc.
Record Kelly Inc.s journal entry for the return of the equipment.
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