On january 1 2013 wellburn corporation leased an asset from

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On January 1, 2013, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $390,000. The lease agreement is an operating lease that calls for four annual payments beginning on January 1, 2013, in the amount of $31,000. The other three remaining payments will be made on January 1 of each subsequent year. Which of the journal entries should Tabitha record on January 1, 2013?

Reference no: EM13591792

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