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Kelly Inc. leased equipment, originally reported in inventory, to General Engines Inc. for a 4-year...

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Accounting

Kelly Inc. leased equipment, originally reported in inventory, to General Engines Inc. for a 4-year lease term and recorded the lease as a sales-type lease. At the expiration of the lease, the equipment had a fair value equal to the guaranteed residual value of $26,000, and was returned to Kelly Inc.

Record Kelly Inc.s journal entry for the return of the equipment.

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