Lessee should make to record the following transactions

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Reference no: EM131293252

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

1. The lessee makes a lease payment of $89,090 to the lessor in an operating lease transaction.

2. Imhoff Company leases a new building from Noble Construction, Inc. The present value of the lease payments is $620,200. The lease qualifies as a capital lease.

Reference no: EM131293252

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