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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.
Q. Off balance sheet financing? A finance charter exists when the substance of the lease is that the lessee enjoys substantially all of the risks and rewards of ownership even
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is net sales an asset
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