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Chance Enterprises leased equipment from Third Bank Leasing on January 1 , 2 0 2 4 . Chance elected the short - term lease option.

Chance Enterprises leased equipment from Third Bank Leasing on January $1, 2024 .$ Chance elected the short $-$ term lease option. Appropriate adjusting entries are made annually.

$\$ table $[[$ Related Information:, $1$ years $(12$ monthly periods $)], [$ Lease term,$ $48, 000$ on January $1, 2024,$ through December $1, 2024 .], [$ Monthly lease payments, $5$ years $], [$ Economic life of asset, $9 %$

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