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On January Moore Company leased equipment from Abell Company. The lease was for three of the equipment's fiveyear useful life. Abell acquired the asset for $ which is considered its fair value, and uses an implicit rate for transactions of this type. The present value of the lease payments is $ Annual lease payments are $ with the first payment due on January the first day of the lease. When Abell receives the first lease payment from Moore, Abell should round to whole dollars:
A debit lease payable for $
B debit interest expense for $
c credit cash for $
D credit lease revenue for $
E debit cash for $
F credit deferred lease revenue for $
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