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Prepare the journal entries that the lessee should make

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

1. The lessee makes a lease payment of $86,400 to the lessor for equipment in an operating lease transaction.

2. Pharoah Company leases equipment from Noble Construction, Inc. The present value of the lease payments is $756,000. The lease qualifies as a capital lease.

Reference no: EM133128874

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