Which should be included in the journal entry

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Reference no: EM133976134

Problem

On January 1, 20X1, Laketown Company (the user) leased a truck for a seven-year period under a FINANCE LEASE and agreed to pay an annual lease payment of $6,000 at the end of each year. The interest rate associated with this finance lease is 12% compounded annually. On December 31, 20X1, Laketown made the first $6,000 payment as scheduled. Get the instant assignment help. Which should be included in the journal entry to record the payment of the FIRST $6,000 payment on December 31, 20X1?

Reference no: EM133976134

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