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Please help with the ones marked incorrect. Thanks in advance! On January 1, 2024, Harlon Consulting entered into a three-year lease for new office space
Please help with the ones marked incorrect. Thanks in advance!
On January 1, 2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of: $10,000 in 2024,$8,000 in 2025 and $6,000 in 2026 . Payments are due on December 31 of each year with the first payment being made on December 31, 2024. Harion is aware that the lessor used a 5% interest rate when calculating lease payments. Required: 1-4. Prepare the approprlate entries for Harlon Consulting on January 1, 2024. December 31, 2024, 2025 and 2026 to record the lease. Note: Use tables, Excel, or a financlal calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermedlate and final answers to nearest whole dollar. (PV of $1. PV of $1. PVA of \$1. PVA of $1. FVAD of $1 and PVAD of $11Step by Step Solution
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