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On September 1, 2024, Custom Shirts Incorporated entered into a lease agreement appropriately classified as an operating lease. The lease term is three years. The

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On September 1, 2024, Custom Shirts Incorporated entered into a lease agreement appropriately classified as an operating lease. The lease term is three years. The annual payments by Custom Shirts are (a) $20,000 for year 1, (b) $24,000 for year 2 . and (c) $28,000 for year 3 . How much total lease expense will Custom Shirts recognize for 2024 ? Multiple Choice $20.000 $6.667 $8,000 $24.000

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