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Determine the changes to the balance sheet income statement

Using the chart of accounts in Figure 2-1, determine the changes to the balance sheet, income statement, job cost ledger, and equipment ledger as the result of leasing a $55,000 dump truck (Dump Truck 11). The lease extends for five years at which time the dump truck may be purchased for $5,000.

In Figure 2-1 CHART OF ACCOUNTS

The present value of the lease is$55,000.

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Finance Basics: Determine the changes to the balance sheet income statement

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