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Beginning December 30, 2019, JJI entered into a contract with Carlin's Inc. for the use of heavy-duty refrigerators. The refrigerators are used by JJI in its juice bars to store the fresh ingredients used for its juices. The term of the lease is for six years and the estimated useful life of the refrigerators is nine years. Annual lease payments of $22,000 are to be made at the beginning of each year of the lease and are expensed by JJI. The interest rate implicit in the lease is 10%. At the end of the lease, JJI has the option of purchasing the refrigerators for fair market value. Although not written in the lease, JJI has indicated to Carlin's Inc. that it does not plan to purchase the refrigerators at the end of the agreement. As per the lease agreement, a $20,000 penalty is payable to Carlin's Inc. if the purchase option is not exercised.
Question 1: Record the transaction in the books of the lessee
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