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Rick kleckner corporation recorded a capital lease

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1. Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2011. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2011. The lease requires eight annual payments. The equipment has a useful life of 8 years with no salvage value. Prepare Kleckner Corporation's December 31, 2011, adjusting entries.

Reference no: EM131110062

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