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Prepare flounder journal entries

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Question 1: Flounder, Inc. owns equipment that cost $124,000 and has a useful life of 10 years with no salvage value. On January 1, 2017, Flounder leases the equipment to Morgan Corporation for one year with one rental payment of $16,300 on January 1. Prepare Flounder's 2017 journal entries.

Reference no: EM132898730

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