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Question no. 8 Prepare the journal entries that the lessee should make to record the...

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Accounting

Question no. 8

Prepare the journal entries that the lessee should make to record the following transactions.

1. The lessee makes a lease payment of $80,000 to the lessor in an operating lease transaction.

2. Veatech Company leases a new building from Joel Construction, Inc. The present value of the

lease payments is $800,000.The lease qualifies as a capital lease.

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