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Rick Kleckner Corporation recorded a capital lease at $292,400 on January 1, 2014. The interest rate is 13%. Kleckner Corporation made the first lease payment of $53,922 on January 1, 2014. The lease requires 8 annual payments. The equipment has a useful life of 8 years with no salvage value.

Prepare Kleckner Corporation's December 31, 2014, adjusting entries.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92808510

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