Wilson foods corporation leased a commercial food processor on september 30, 2016. the five-year lease agreement calls for wilson to make quarterly lease payments of $195,774, payable each september 30, december 31, march 31, june 30, with the first payment at september 30, 2016. wilson's incremental borrowing rate is 12%. wilson records depreciation on a straight-line basis at the end of each fiscal year. wilson recorded the lease as follows:
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