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Record the journal entries for the sale

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Question - Monday leased a $53,000 truck they had in their inventory to Tuesday for $1,260 per month for 60 months. The implicit rate was six percent, Tuesday's incremental borrowing rate. The truck transfers to Tuesday at the end of the lease. Record the journal entries for the sale and the initiation of the lease for the lessor and the lessee.

Reference no: EM132860913

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