On January 1, 2018, Harlon Consulting entered into a three-year lease for new office space agreeing to

Question:

On January 1, 2018, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of: $7,000 in 2018, $6,000 in 2019 and $5,000 in 2020. Payments are due on December 31 of each year with the first payment being made on December 31, 2018. Harlon is aware that the lessor used a 5% interest rate when calculating lease payments.

Required:

1. Prepare the appropriate entries for Harlon Consulting on January 1, 2018, to record the lease.

2. Prepare all appropriate entries for Harlon Consulting on December 31, 2018, related to the lease.

3. Prepare all appropriate entries for Harlon Consulting on December 31, 2019, related to the lease.

4. Prepare all appropriate entries for Harlon Consulting on December 31, 2020, related to the lease.

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Requirement 1 5000 86384 4319 6000 90703 5442 7000 95238 6667 Present value of lease pa...View the full answer

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Intermediate Accounting

ISBN: 9781259722660

9th Edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Posted: May 30, 2017 08:59 AM

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On January 1, 2018, Harlon Consulting entered into a three-year lease for new office space agreeing to

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Requirement 1 5000 86384 4319 6000 90703 5442 7000 95238 6667 Present value of lease pa...View the full answer

Intermediate Accounting

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