On January 1, 2010, Stine Inc. entered into an agreement to lease equipment from Finley Corporation. The lease agreement requires five annual rental payments of $90,000 beginning December 31, 2010. The present value of the rental payments is $341,172. The lease transfers substantially all the benefits and risks of ownership to Stine.
Instructions
Prepare the entry to record the lease agreement on the books of Stine Inc. on January 1, 2010.
Correct Answer:
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