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What are all of Saugus Corporations journal entries

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Question - Presented below is information for Saugus Corporation:

This entity is a lessee and records a finance lease on equipment on January 1, 2022. There a will be seven lease payments made annually of $875,000. Each of these payments will be made made at the end of each year. The calculated present value of the total lease payments at 10% is $4,260,000. Saugus Corporation uses the effective-interest method of amortization and sum-of-the-years'-digits depreciation (no residual value).

Instructions - What are all of Saugus Corporation's journal entries for 2022?

Reference no: EM132540913

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