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On January 1, 2021. Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $90,000

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On January 1, 2021. Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $90,000 each, beginning December 31, 2021, and at each December 31 through 2023. The lessor, HVAC Leasing calculates lease payments based on an annual interest rate of 8%. Winn also paid a $300,000 advance payment at the beginning of the lease. With permission of the owner, Winn made structural modifications to the building before occupying the space at a cost of $390,000. The useful life of the building and the structural modifications were estimated to be 30 years with no residual value. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entries for Winn Heat Transfer from the beginning of the lease through the end of 2023. Winn's fiscal year Is the calendar year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to nearest whole dollars.) View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the beginning of the lease for Winn. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 1 3 4 5 6 7 11 Record the advance payment made at the beginning of the lease by Winn.. Note: Enter debits before credits. General Journal Debit Credit Date January 01 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the lease payment for Winn. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet Record the amortization the right-of-use asset for Winn. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet 2 3 4 5 6 7 8 11 > Record depreciation for Winn. Note: Enter debits before credits. General Journal Dobit Credit Date December 31, 2021 Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 2 3 4 5 6 7 8 11 Record the lease payment for Winn. Note: Enter debits before credits Dato General Journal Debit Credit December 31 2022 Record entry Clear entry View general Journal View transaction list Journal entry worksheet 5 1 2 3 4 > 8 6 11 G Record the amortization of the right-of-use asset for Winn. Note: Enter debits before credits General Journal Debit Credit Dato December 31. 2022 Record entry Clear entry View general journal View transaction list Journal entry worksheet .... Record the amortization of the right-of-use asset for Winn. Note: Enter debits before credits General Journal Debit Credit Date December 31, 2023 Record entry Clear entry View general Journal View transaction list Journal entry worksheet

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