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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 $6,500 in 2024,$9,000 in 2025,
On January 1, 2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $6,500 in 2024,$9,000 in 2025, and $11,500 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 7% interest rate when calculating lease payments. Required: 1-4. Prepare the appropriate entries for Harlon Consulting on January 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 nearest whole dollar. ( FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1 )
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