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Prepare any journal entries relevant to year for steve-o

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Problem 1: Steve-O leases 10 trucks from FiatAnnual lease payments are $35,000 and are paid to Fiat on January 1, 2010. Using the following information, Prepare any journal entries relevant to the year 2010 for Steve-O. Steve-O has a calendar fiscal year:

Fiatpurchased the trucks in 2009 for $150,000 (purchased recorded as inventory)

The lease period is 8 years. The economic life of the trucks is 10 years with no residual value.

each January 1, starting at start of the lease. The rate for the lease is 6%.

Reference no: EM132973413

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