Chicago Corporation leases machinery from Drema Corporation for $1,500 per month for 10 months. Payments are made on the first day of each month beginning August 1, 2019. The conditions of the lease are such that it is to be accounted for as a short term or operating lease. The entry to record the first lease payment by Chicago is Multiple Choice 18,000 Machine Rent Expense Cash Leased Machinery 479 17,521 18,000 Leased Machinery Lease Liability Cash 17.521 479 1,500 Leased Machinery Cash 1.500 Machine Rent Expense Cash Leased Machinery 470 17521 18.000 Leased Machinery Lease Liability Cash 17.521 4791 O 1500 Leased Machinery Cash 1500 1 500 Machine Rent Expense Cash 1 500 1500 Lease Liability Cash 1500