Exercise 185 Renth Corporation entered into the following transactions: 1. On January 1, 2020 Lee Car Rental leased a car to Renth Corporation for one year. Terms of the operating lease call for monthly payments of $650. 2. On January 1, 2020, Renth Corporation entered into an agreement to lease 20 machines from Sweis Corporation. The terms of the lease agreement require an the three rental payments is $1,492,108. The lease is a capital lease. Prepare the appropriate journal entries to be made by Renth Corporation in January related to the lease transactions. (Credit account titles are automatically No. Date Account Titles and Explanation Debit Credit 1. Jan. 1 Other Operating Expenses 650 2. Jan. 1 Accounts Payable 1492108 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS CALCULATOR PRINTER VERSION BACK of the operating lease call for monthly payments of $650. Tom Sweis Corporation. The terms of the lease agreement require an initial payment of $500,000 and then three annual rental payments of $600,000 beginning on December 31, 2020. The present value of the lease transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Question Attempts: 0 of 1 used SAVE POR LATER