On January $1,2024,$ Harlon Consulting entered into a three$-$year lease for new office space

agreeing to lease payments of $$5,000$ in $2024,$$$6,000$ in $2025,$ and $$7,000$ in $2026.$ Payments are

due on December $31$ of each year with the first payment being made on December $31,2024.$ Harlon

is aware that the lessor used a $5\%$ interest rate when calculating lease payments.

Required:

Prepare the appropriate entries for Harlon Consulting on January $1,2024,$ to record the lease.

Prepare all appropriate entries for Harlon Consulting on December $31,2024,$ related to the lease.

Prepare all appropriate entries for Harlon Consulting on December $31,2025,$ related to the lease.

Prepare all appropriate entries for Harlon Consulting on December $31,2026,$ related to the lease.