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Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of leasing a $55,000 dump truck (Dump Truck 11). The lease extends for five years at which time the dump truck may be purchased for $5,000. In Figure 2-1 CHART OF ACCOUNTS
The present value of the lease is$55,000.
Imagine that you are an executive for XYZ, Inc., a high-end retail chain that sells luxury watches, jewelry, and hand bags. You've just been put in charge of the company's first international expansion
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