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Prepare entries for falk to record the lease asset

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Reference no: EM132694998

On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $331,200.

Required:

Problem 1: Prepare entries for Falk to record the lease asset and obligation at January 1, and the $110,400 straight-line amortization at December 31 of the first year.

Reference no: EM132694998

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