Question: Python Company leased equipment from Hope Leasing on January 1, 2016. Hope purchased the equipment at a cost of $222, 664. Other information: There is

Python Company leased equipment from Hope Leasing on January 1, 2016. Hope purchased the equipment at a cost of $222, 664. Other information: There is no expected residual value. Prepare appropriate journal entries for Python for 2016. Assume straight-line depreciation and a December 31 year-end

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