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A 10-year capital lease requiring payments of $25,000 per year is signed. The entry to record the first payment would probably include a ________.
1) Debit to Lease Receivable and Credit to Cash
2) Debit to Lease Receivable and Credit to Lease Revenue
3) Debit to Cash and Credit to Lease Revenue
4) Debit to Cash and Credit to Lease Receivable



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