(Solution) - Rick Kleckner Corporation recorded a finance lease at 300 000 o -(2025 Original AI-Free Solution)

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Rick Kleckner Corporation recorded a finance lease at $300,000 on January 1, 2012. The interest rate is 12%. Kleckner Corporation made the first lease payment of $53,920 on January 1, 2012. The lease requires eight annual payments. The equipment has a useful life of 8 years with no residual value. Prepare Kleckner Corporation?s December 31, 2012, adjusting entries.