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Use the information in RE20-3. Prepare the journal entries that Richie Company (the lessor) would...

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Accounting

Use the information in RE20-3. Prepare the journal entries that Richie Company (the lessor) would make in the first year of the lease assuming the lease is classified as a sale-type lease. Assume that the lessee is required to make payments on December 31 each year. Also assume that Richie had purchased the equipment at a cost of 200000.

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