Diablo company leased a machine from juniper corporation on, Finance Basics

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Diablo company leased a machine from juniper corporation on

Question: Diablo Company leased a machine from Juniper Corporation on January 1, 2016. The machine has a fair value of $26,000,000. The lease agreement calls for four equal payments at the end of each year in the amount of $8,560,095. The useful life of the machine was expected to be four years with no residual value. The appropriate interest rate for this lease is 12%.

Required: Prepare the appropriate journal entries.

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