Prepare the journal entries that the lessee should make to record the following transactions assuming the entities

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Prepare the journal entries that the lessee should make to record the following transactions assuming the entities report under ASPE.

a. The lessee makes a lease payment of $80,000 to the lessor for equipment in an operating lease transaction.

b. Imhoff Company leases equipment from Noble Construction Inc. The present value of the lease payments is $700,000. The lease qualifies as a capital lease.

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Accounting Principles Volume 2

ISBN: 9781119786634

9th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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Question Posted: Jan 26, 2023 07:03 AM

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Prepare the journal entries that the lessee should make to record the following transactions assuming the entities

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Accounting Principles Volume 2

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