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Question - On January 1, 2020, Sandhill Ltd., which uses ASPE, sold a truck to Sunland Finance Corp. for $64,000 and immediately leased it back. The truck was carried on Sandhill's books at $53,000, net of $26,000 of accumulated depreciation. The term of the lease is five years, and title transfers to Sandhill at lease end. The lease requires five equal rental payments of $17,754, with each payment made at year end. The appropriate rate of interest is 12%, and the truck has a useful life of five years with no salvage value.
Required - Prepare Sandhill's 2020 journal entries including any year-end adjusting entries at December 31, 2020.
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