On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $231,000. Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $77,000 straight-line amortization at December 31 of the first year.

Journal entry worksheet

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Jan 01

ournal entry worksheet

Note: Enter debits before credits.

Date	General Journal	Debit	Credit
Dec 31