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Prepare the journal entries for caremax inc

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Question - Recording Operating Lease-Lessor - Gomez Inc. leases a vehicle from CareMax Inc. on January 1, 2020, for a three-year period. Gomez agrees to make $10,800 annual payments beginning on January 1, 2020. Prepare the journal entries in 2020 for CareMax Inc. assuming that the fair value of the vehicle is $50,400 and it has a useful life of 6 years with no salvage value (depreciated using the straight-line method). CarMax Inc. appropriately classifies the lease as an operating lease.

Reference no: EM133128100

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