On January 1, 2016, Gibson Corporation entered into a four-year operating lease. The payments were as follows:

Question:

On January 1, 2016, Gibson entered into a four-year operating lease. The payments were as follows: $24,500 for 2016, $20,500 for 2017, $17,000 for 2018, and $16,000 for 2019. What is the correct amount of lease expense for 2017?
A. $24,500
B. $22,500
C. $19,500
D. $20,500
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...