@MaxBodine
You should talk to your CPA. This sounds like a finance lease. Did you treat it like a finance lease?
You mentioned the payments were posted under 'Equipment Leasing' so it sounds like you possibly treated it like an operating lease and recorded the entire payment as an expense. With finance leases, you treat the asset like you purchased it - record the asset and a corresponding liability when the asset is put into service and depreciate it. Each lease payment then reduces the liability along with an interest expense.
