AC 313

1.January 01, 2018 Record the beginning of the lease for Chance.

2.January 01,2018 Record the lease expense paid by Chance.

3. March 31,2018 Record the lease expense paid by Chance.

4.June30,2018 Record the lease expense paid by chance.

5. September 30, 2018 Record the lease expense paid by chance.

Exercise 15-18 Short-term lease [LO15-5) Chance Enterprises leased equipment from Third Bank Leasing on January 1, 2018. Third Bank purchased the equipment at a cost of $1,700,000. Chance elected the short-term lease option. Appropriate adjusting entries are made annually. Related Information: Lease term 1 year (4 quarterly periods) $68,000 at Jan. 1, 2018, and at Mar. 31, June 30, and Sept. 30. 5 years 98 Quarterly lease payments Economic life of asset Interest rate charged by the lessor Required: Prepare appropriate entries for Chance from the beginning of the lease through December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar amount.) View transaction list Journal entry worksheet 5 2 3 1 Record the beginning of the lease for Chance. Note: Enter debits before credits