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Garza Company enters into a 5 year capital lease as the lease on Jan 1st...

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Accounting

Garza Company enters into a 5 year capital lease as the lease on Jan 1st 2020. The fair value of the asset is $150,000, and the annual lease payments are $33,594 payable each January 1st. Garza uses the straight line method for depreciation. Make the journal entry for the first 2 years.

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