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Problem 15-25 (Static) Operating lease; uneven lease payments (LO15-4, 15-7) On January 1, 2021. Harion Consulting entered into a three-year lease for new office space

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Problem 15-25 (Static) Operating lease; uneven lease payments (LO15-4, 15-7) On January 1, 2021. Harion Consulting entered into a three-year lease for new office space agreeing to lease payments of $5.000 in 2021. $6,000 in 2022, and $7.000 in 2023. Payments are due on December 31 of each year with the first payment being made on December 31, 2021. Harlon is aware that the lessor used a 5% interest rate when calculating lease payments. (Ey of $1. PV of S1, EVA of $1. PVA of S1, FVAD of S1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: 1-4. Prepare the appropriate entries for Harion Consulting on January 1, 2021, December 31, 2021 2022 and 2023 to record the lease (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final arcwers to nearest whole dollar.) No Credit Answer is complete but not entirely correct. Date General Journal Debit January 01, 2021 Right-of-use asset 16.251 Lease payable 1 16,251 Saved Help eck my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indica NO General Journal Debut Credit 1 Date January 01, 2021 Right-of-use asset Lease payable 16,251 16.251 2 813 December 31, 202 Interest expense Lease payable Cash 4.187 5,000 > 3 5,417 % December 31, 202 Amortization expense Right-of-use asset 5,417 4 603 5,397 > December 31, 202 Interest expense Lease payable Cash 6,000 5,417 5 5.417 December 31, 202 Amortization expense Right-of-use asset 115.meducation.co gnment i Saved Hels Ek my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not ine 4 003 December 31, 202 Interest expense Lease payable Cash OO 5,397 6,000 5 December 31, 202 Amortization expense Right-of-use asset 5,417 5,417 6 December 31, 202 Into ust expense Lease payable Cash 333 6,667 7.000 7 5,417 December 31, 202 Amortization expense Right-of-use asset 5,417 7

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