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Journalize the beginning of lease term

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Question - A lease agreement for capital equipment requires Granger Transport Lid. to make 10 annual payments of $40,000, with the first payment due on January 2, 2020, the date of the inception of the lease.

Required - Journalize the beginning of lease term and first annual payment. (List debits first, then credits.

Reference no: EM132549445

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