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Cheyenne Corporation owns equipment that cost $54,000 and has a useful life of 6 years with no salvage value. On January 1, 2017, Cheyenne leases

Cheyenne Corporation owns equipment that cost $54,000 and has a useful life of 6 years with no salvage value. On January 1, 2017, Cheyenne leases the equipment to Havaci Inc. for one year with one rental payment of $14,800 on January 1. Assuming Havaci (lessee) elects to use the short-term lease exception, prepare Havaci's 2017 journal entry.

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