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What journal entry should Stephens make on January

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Problem - On January 1 of the current? year, Stephens Corporation leased machinery from Montgomery Company. The machine originally cost Montgomery $ 263, 000. The lease agreement is an operating? lease, the terms of which call for five annual payments of $ 35, 000. The first payment is due at the inception of the? lease; the other four payments are due on January 1 of subsequent years. What journal entry should Stephens make on January 1 of the current? year?

Reference no: EM132867211

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