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On January 1, 2024, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $370,000. The lease agreement is an operating lease

On January 1, 2024, Wellburn Corporation leased an asset from Tabitha Company. The asset originally cost Tabitha $370,000. The lease agreement is an operating lease that calls for four annual payments beginning on January 1 , 2024 , in the amount of $40,000. The other three remaining payments will be made on January 1 of each subsequent year. Which of the following journal entries should Tabitha record on January 1, 2024? Multiple Choice

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