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The equipment has a useful life of 8 years with no salvage

1. Rick Kleckner Corporation recorded a capital lease at $300,000 on January 1, 2011. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2011. The lease requires eight annual payments. The equipment has a useful life of 8 years with no salvage value. Prepare Kleckner Corporation's December 31, 2011, adjusting entries.

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Accounting Basics: The equipment has a useful life of 8 years with no salvage

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Accounting Basics: The equipment has a useful life of 8 years with no salvage

Reference No:- TGS01488047

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