Monty Corporation, a private company, has acquired equipment on January 1, 2024, by engaging in a...

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Monty Corporation, a private company, has acquired equipment on January 1, 2024, by engaging in a five-year lease transaction that requires annual lease payments of $58,000 beginning January 1, 2024. (a) Prepare the journal entry to record the lease inception at January 1, 2024, assuming the lease is classified as an operating lease. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Date Account Titles Jan. 1, 2024 Debit Credit Monty Corporation, a private company, has acquired equipment on January 1, 2024, by engaging in a five-year lease transaction that requires annual lease payments of $58,000 beginning January 1, 2024. (a) Prepare the journal entry to record the lease inception at January 1, 2024, assuming the lease is classified as an operating lease. (Credit account titles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry) Date Account Titles Jan. 1, 2024 Debit Credit