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On the below question- can someone provide the journal entries to get to the solution. Thanks everyone!
In the long-term liabilities section of its balance sheet at December 31, Year 3, Mene Co. reported a finance lease liability of $75,000, net of current portion of $1,364. Payments of $9,000 were made on both January 2, Year 4, and January 2, Year 5. Mene’s incremental borrowing rate on the date of the lease was 11%, and the lessor’s implicit rate, which was known to Mene, was 10%. In its December 31, Year 4, long-term liabilities section of the balance sheet, what amount should Mene report as a finance lease liability, net of current portion?
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