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On December 31, 2021, Lang Corporation leased a ship from Fort Company for an eight-year...

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Accounting

On December 31, 2021, Lang Corporation leased a ship from Fort Company for an eight-year period expiring December 30, 2029. Equal annual payments of $200,000 are due on December 31 of each year, beginning with December 31, 2021. The lease is properly classified as a finance lease on Lang s books. The present value at December 31, 2021 of the eight lease payments over the lease term discounted at 10% is $1,173,685. Assuming all payments are made on time prepare all required journal entries for Lang corporation in 2021 and 2022

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