Assume that you are setting up a lease with the following details:

$-24$ month lease term

$-$ $$12,000$ monthly payment due at the beginning of the month

$-$ Abatement for the first two months

$-$ Annual Rate of $9\mathrm{.}5\%$

Calculate the NPV of the lease liability at commencement date as well as prepare the rent schedule detailing payments for each month as well as the straight line rent expense to be recognized

With the same lease details as the above, prepare the following journal entries for the current month end close and lease schedule to calculate everything:

$-$ Initial recording of the lease liability and ROU asset

$-$ Monthly journal entry to record rent expense, ROU asset amortization, and lease liability changes