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A government entered into a general government capital lease in the prior year. During the current year, a lease payment of $50,000, which includes implicit interest of $12,000, was made from the General Fund. What effect does the $50,000 payment have on the General Capital Assets and General Long-Term Liabilities accounts

User Snehal S
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Answer:

Net increase in Capital Assets with amount of USD 38,000/-

User Paul Hoffer
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