Problem 12. Lessor leases asset to Lessee on 1/1/2020. Lease term is 1 year. Lease payment is $10,000/month with each payment due at the end of the month. Lessee elects the shortcut method for short-term leases. Required 1. Prepare Lessor and Lessee entries to record the 1/31/2020 lease payment. Lessee entry: Account Debit Credit 1 1 1 2 3 4 5 6 7 Lessor entry: 8 9 0 1 2 3 24 Account Debit Credit NN A B D E F G H 1 Columni 2 Accumulated epreciation (Bal. Sht) 3 Cash (Bal. Sht 4 Deferred rent revenue (Bal. Sht) 5 Equipment (B. 1. Sht) 6 Lease payable (Bal. Sht) 7 Lease receivatlle (Bal. Sht) 8 Note payable Bal. Sht) 9 Prepaid service contract (Bal. Sht) 10 Right-of-Use abset (Bal. Sht) 11 Warehouse (ehl. Sht) 12 Amortization xpense (Inc. Stmt) 13 Cost of goods sold (Inc. Stmt) 14 Gain on sale of warehouse (Inc. Stmt) 15 Interest experse (Inc. Stmt) 16 Interest revenue (Inc. Stmt) 17 Lease expense (Inc. Stmt) 18 Lease revenue (Inc. Stmt) 19 Misc. expense (Inc. Stmt) 20 Rent revenue Inc. Stmt) 21 Sales revenue Inc. Stmt) 22 23 24 25 26 27 28 29 30