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Tamarisk Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $49,271
Tamarisk Company leased equipment from Costner Company, beginning on December 31, 2024. The lease term is 5 years and requires equal rental payments of $49,271 at the beginning of each year of the lease, starting on the commencement date (December 31, 2024). The equipment has a fair value at the commencement date of the lease of $220,000, an estimated useful life of 5 years, and no estimated residual value. The appropriate interest rate is 6%. Click here to view factor tables. Prepare Tamarisk's 2024 and 2025 journal entries, assuming Tamarisk depreciates similar equipment it owns on a straight- line basis. (List all debit entries before credit atries. Credit account titles are Atomatically indented when the amount is
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