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Question - Sage Corporation enters into a 7-year lease of equipment on December 31, 2019, which requires 7 annual payments of $39,300 each, beginning December 31, 2019. In addition, Sage guarantees the lessor a residual value of $19,200 at the end of the lease. However, Sage believes it is probable that the expected residual value at the end of the lease term will be $9,600. The equipment has a useful life of 7 years.
Prepare Sages' December 31, 2019, journal entries assuming the implicit rate of the lease is 9% and this is known to Sage.
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