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On January 1, 2024, Harlon Consulting entered into a three year lease for new office space agreeing to lease payments of 512,400 in 2024,59,600 in
On January 1, 2024, Harlon Consulting entered into a three year lease for new office space agreeing to lease payments of 512,400 in 2024,59,600 in 2025 and $6,800 in 2026 . Poyments are due on December 31 of each year with the first payment being made on December 31, 2024 . Harlon is aware thot the lessor used a 5$ interest rate when coiculating lease payments Required: 1-4. Prepare the appropnate enties for Harlon Consuling on Jarnary 1,2024. December 31, 2024,2025 and 2026 to record the lease Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to neatest whole dollar. (FV of S1, PV of S1, EVA of S1, PVA of S1, EVAD of S1 and PMAD of S1 1 Record for Harlon Consulting the beginning of the lease. 2 Record the lease payment for Harlon Consulting. 3 Record the amortization expense for Harlon Consulting. 4 Record the lease payment for Harlon Consulting. 5 Record the amortization expense for Harlon Consulting. 6 Record the lease payment for Harlon Consulting. 7 Record the amortization expense for Harlon Consulting
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