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Shelby Company has a machine with a cost of $750,000 which also is its fair value on the date the machine is leased to Walker

Shelby Company has a machine with a cost of $750,000 which also is its fair value on the date the machine is leased to Walker Company. The lease is for 6 years and the machine is estimated to have a residual value of $75,000. Assuming the lease was signed with an implied rate of 5%, prepare the amortization schedule and related accounting entries for Walker Company.

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