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On January 1, 2016, Holbrook Company leased a building under a three-year operating lease. The annual rental payments are $37,000 on January 1, 2016; $27,000

On January 1, 2016, Holbrook Company leased a building under a three-year operating lease. The annual rental payments are $37,000 on January 1, 2016; $27,000 on January 1, 2017; and $17,000 on January 1, 2018. Required: Prepare the appropriate journal entries for Holbrook Company from the inception of the lease through the end of 2018

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