Use the information for Indiana Jones Corporation from BE21-9. Assume that for Lost Ark Company, the lessor,
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Use the information for Indiana Jones Corporation from BE21-9. Assume that for Lost Ark Company, the lessor, collectibility is reasonably predictable, there are no important uncertainties concerning costs, and the carrying amount of the equipment is $202,921. Prepare Lost Ark’s January 1, 2012, journal entries.
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