The city of Morehead leased equipment. The life of the non cancellable lease is 10 years. Using an 8 percent interest rate, the present value of the lease payments is $905,861. The first payment of $125,000 is due when the lease begins, January 10, 2017. An additional payment of $125,000 is due on January 10th for each of the next 9 years. Prepare journal entries to record
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