Exercise 9 - 27 LEASES Glennon Incorporated needs a new piece of equipment for its factory . Instead of purchasing the asset , the company* chooses to Enter into a 5 - year operating lease with annual payments of $ 50, 000. Assume each lease payment is made on December 31 . Required : a. Prepare the journal entry to record the first annual lease payment . DEC. 31 `the levy . cengagenow . comfilmMakeAssignment print UntakenAssignment . do ? assignmentled = 98$ 2402 70 HIE