A five-year lease is signed by the City of Wachovia for equipment with a seven-year life. The asset will be returned to the lessor at the end of the lease. The present value of the lease is $20,000, and annual payments of $5,411.41 are payable beginning on the date the lease is signed. The interest portion of the second payment is $1,604.75. The equipment is to be used in City Hall and was purchased from appropriated funds of the General Fund.
What should be recorded in the General Fund one year from the date the lease is signed? 
Definitions:
Innate Sense
An inherent or natural ability, perception, or understanding.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theory of the benefits of a free market economy.
Public Good
A service or product offered for free to every member of a society, made available by either governmental entities or private organizations without aiming for financial gain.
Economic Functions
The roles and operations performed by an economic system, such as allocation of resources, distribution of income, and stabilization of the economy.
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