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Veatch company leases a new building from joel construction

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Reference no: EM131129784

Prepare the journal entries that the lessee should make to record the following transactions.

1. The lessee makes a lease payment of $80,000 to the less or in an operating lease transaction.

2. Veatch Company leases a new building from Joel Construction, Inc. The present value of the lease payments is $700,000.The lease qualifies as a capital lease. 

Reference no: EM131129784

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