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Sandhill Corporation, which uses ASPE, manufactures replicators. On May 29, 2020, it leased to Sunland Limited a replicator that cost $266,200 to manufacture and usually sells for $417,000. The lease agreement covers the replicator's 7-year useful life and requires seven equal annual rentals of $77,786 each, beginning May 29, 2020. The equipment reverts to Sandhill at the end of the lease, at which time it is expected that the replicator will have a residual value of $42,900, which is not guaranteed by Sunland, the lessee. An interest rate of 12% is implicit in the lease agreement. Collectibility of the rentals is reasonably assured, and there are no important uncertainties concerning costs.
Problem 1: Prepare Sandhill's May 29, 2020 journal entries.
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