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On January 1, 2021, the chief operating officer of New Belgium, jeff Stambaugh, signed a noncancellable lease for street equipment. The lease was for 10

On January 1, 2021, the chief operating officer of New Belgium, jeff Stambaugh, signed a noncancellable lease for street equipment. The lease was for 10 years. The present value of payments expected to be made during the lease is $82,667. The township's incremental borrowing rate is 7 percent. The $11,000 annual lease payment is due on the first day of each year beginning in 2021. Prepare all journal entries necessary to record the lease transaction for 2021 and the payment made in 2022. (Assume the government uses a voucher system.) Account General fund 2021 To record long-term lease Debit 0 0 Credit 0 To record vouchers pavabit 0 0 0 Toperability 2022 To record youshers payable (Note Round to the nearest doar.) To say liabety 0 0 0 0 0 0 Next

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