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Montana Company signs a five-year capital lease with Elway Company for office equipment. The yearly lease payment is $20,000, and the interest rate is 8%.
1. Compute the current value of Montana's five-year lease payments.
2. Prepare the journal entry to record Montana's capital lease at its inception.
Assessment Criteria: Student work will generally be assessed in terms of the following criteria: 1. Preparation of correct journal entries. 2. Accumulation of journal entr
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