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$4\mathrm{.}66$

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Problem $15-25($Algo$)$ Operating lease; uneven lease payments $[$LO$15-4,15-7]$

$4\mathrm{.}66$ points

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On January $1,2024,$ Harlon Consulting entered into a three$-$year lease for new office space agreeing to lease payments of: $$9,700$ in $2024,$ $$7,800$ in $2025$ and $$5,900$ in $2026.$ Payments are due on December $31$ of each year with the first payment being made on December $31,2024.$ Harlon is aware that the lessor used a $6\%$ interest rate when calculating lease payments.

Required:

$1-4.$ Prepare the appropriate entries for Harlon Consulting on January $1,2024,$ December $31,2024,2025$ and $2026$ to record the lease.

Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)q,$

$\backslash$table$[[,$No$,$Date,General Journal,Debit,Credit$],[0,1,$January $01,2024,$Right$-$of$-$use asset,,$],[,,$Lease payable,,$],[0,2,$December $31,2024,$Interest expense,,$],[,,$Lease payable,,$],[,,$Cash,,$]]$