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Prepare the journal entry that lessee should make to record

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Reference no: EM132572370

The lessee makes a lease payment of $78,400 to the lessor for equipment in an operating lease transaction.2.Crane Company leases equipment from Noble Construction, Inc. The present value of the lease payments is $686,000. The lease qualifies as a capital lease.

Question 1: Prepare the journal entries that the lessee should make to record the above transactions.

Reference no: EM132572370

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