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On October 1, Year One, United Company leases an office space in a downtown building. This contract qualifies as an operating lease. United pays $30,000

On October 1, Year One, United Company leases an office space in a downtown building. This contract qualifies as an operating lease. United pays $30,000 in advance for rent every year. Record journal entries and adjusting entries for United for the following dates in connection with this property.

a. October 1, Year One.

b. December 31, Year One.

c. September 30, Year Two.

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