Kurtz Rentals rents equipment to Ditka on February $1.$ Lease terms require Ditka to make

payments to Kurtz of $$2,000$ each quarter: April $30,$ July $31,$ October $31,$ and January $31.$ Kurtz

receives payments for April, July, and October.

a$.$ What journal entry should Kurtz record on December $31?$

b$.$ If this entry is not recorded, how will it affect Kurtz$$s financial statements?