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 $381,300. Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $127,100 straight-line amortization at December 31 of the first year.

• Record lease asset and obligation.
• Record annual amortization of RoU asset.

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 $381,300 Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $127,100 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet 1 2 Record lease asset and obligation Note: Enter debits before credits. Date General Journal Debit Credit Jan 01 Record entry Clear entry View general journal 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 $381,300. Required: Prepare entries for Falk to record (a) the lease asset and obligation at January 1, and (b) the $127,100 straight-line amortization at December 31 of the first year. View transaction list Journal entry worksheet