Luthor Corp. leases a building to Kent Enterprises. The lease is classified as an operating lease....
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Luthor Corp. leases a building to Kent Enterprises. The lease is classified as an operating lease. The term of the lease is 3 years. The lessor's implicit rate is 6%, which is known to the lessee. The least contract specifies the following annual lease payments, with the first lease payment due at the commencement of the lease, which is January 1, 2020: January 1, 2020 $201,728 January 1, 2021 $238,150 January 1, 2022 $296,151 What is the lease expense for Kent Enterprises as of December 31, 2020? $ Luthor Corp. leases a building to Kent Enterprises. The lease is classified as an operating lease. The term of the lease is 3 years. The lessor's implicit rate is 6%, which is known to the lessee. The least contract specifies the following annual lease payments, with the first lease payment due at the commencement of the lease, which is January 1, 2020: January 1, 2020 $201,728 January 1, 2021 $238,150 January 1, 2022 $296,151 What is the lease expense for Kent Enterprises as of December 31, 2020? $
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