montana company signs a five-year capital lease, Financial Accounting

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montana company signs a five-year capital lease

Montana Company signs a five-year capital lease with Elway Company for office equipment. The yearly lease payment is $20,000, and the interest rate is 8%.

1. Compute the current value of Montana's five-year lease payments.

2. Prepare the journal entry to record Montana's capital lease at its inception.

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Financial Accounting: montana company signs a five-year capital lease

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Financial Accounting: montana company signs a five-year capital lease

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