On January 1, 2018, the chief operating officer of New Belgium, Jeff Stambaugh, signed a noncancellable lease for street equipment. The lease was for 10 years. The present value of payments expected to be made during the lease is $75,152. The township’s incremental borrowing rate is 7 percent. The $10,000 annual lease payment is due on the first day of each year beginning in 2018. Prepare all journal entries necessary to record the lease transaction for 2018 and the payment made in 2019. (Assume the government uses a voucher system.)
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On January 1, 2018, the chief operating officer of New Belgium, Jeff Stambaugh, signed a noncancella...
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