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1. James Morrison Corporation leases new equipment on December 31, 2010. The lease transfers ownership of the equipment to James Morrison at the end of the lease. The present value of the lease payments is $192,000. After recording this lease, James Morrison has assets of $1,800,000, liabilities of $1,100,000, and stockholders' equity of $700,000.
(a) Prepare the entry to record the lease, and
(b) Compute and discuss the debt to total assets ratio at year-end.
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