7 med 15 exercise

Journal entry worksheet 2 Record the journal entry needed at commencement of the lease. Note: Enter debits before credits: Warren Marina owns a large marina that contains numerous boat slips of varlous sizes. Warren contracts with boat owners to provide sips to house the customers' boats. Lucky Fisher Fleet contracted with Warren to provide space for four of its fishing boats. - The contract specifies that Lucky Fisher's boats will be kept in identified slips in the marina. - The agreement includes the requirement that Warren provide 45 -foot slips per boat for a three-year period, space that Lucky Fisher can modify with fenders, docklines, and equipment needed to conduct its fishing business - Warren cannot switch locations of the boats or modify the slips without Lucky Fisher's consent. - Lucky Fisher paid $24,500 on March 1, 2024, for the first year's accommodations. - The market rate of interest is 6%. Note: Use tables, Excel, or a financiol calculator. (FV of \$1, PV of S1, EVA of \$1, PVA of S1. EVAD of S1 and PVAD of S1) Required: Prepare the appropriate entry(s) for Lucky Fisher Fleet at March 1, the commencement of the agreement. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your final onswers to the nearest whole dollar amount. Journal entry worksheet Record the cash payment. Note: Enter debits before credits