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Business, 22.02.2021 21:50 andrewcassity1

On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a sales-type lease. Calloway paid $350,000 for the machine and is leasing it to Zone for $31,000 per year, an amount that will return 9% to Calloway. The present value of the lease payments is $350,000. The lease payments are due each January 1, beginning in 2021. What is the appropriate interest entry on December 31, 2021

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On January 1, 2021, Calloway Company leased a machine to Zone Corporation. The lease qualifies as a...
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