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Problem - Mickelson reports on a calendar year basis. On January 1, 2017, Mickelson Corporation enters into a 3-year lease with annual payments of $30,000. The first payment will be due on December 31, 2017. The present value of the payments at 8% is $77,313.
(1) If the lease were classified as an operating lease, what expense and how much should be recorded on December 31, 2017?
(2) If the lease were classified as a capital lease, what expense and how much should be recorded on December 31, 2017? (Assume that the company uses straight line regarding the asset)
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