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Anderson Consulting leased machinery from Red Inc. on July 1, 2018. The lease was recorded...

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Accounting

Anderson Consulting leased machinery from Red Inc. on July 1, 2018. The lease was recorded as a finance lease. The present value of the lease payments discounted at 9% was $718,000. Ten annual lease payments of $102,641 are due each July 1 beginning July 1, 2018. On July 1, 2019 the debit to Lease Payable will be $_____

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