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Recording Operating Lease Journal Entries Lessee Gomez Inc. leases a vehicle from CareMax Inc. on January 1, 2020, for a three-year period, appropriately classified by
Recording Operating Lease Journal Entries Lessee Gomez Inc. leases a vehicle from CareMax Inc. on January 1, 2020, for a three-year period, appropriately classified by Gomez Inc. as an operating lease. Gomez agrees to make $12,000 annual payments beginning on January 1, 2020. Prepare the journal entries for Gomez in 2020 assuming that Gomez is aware of the rate implicit in the lease of 6%. a. January 1, 2020Record the right-of-use asset. b. January 1, 2020Record the lease payment. C. December 31, 2020-Record the adjusting entry. Note: Round your answers to the nearest whole dollar. Note: List multiple debits or credits (when applicable) in alphabetical order. Account Name Dr. C Cr Date a. Jan. 1, 2020 b. Jan. 1, 2020 C. Dec. 31, 2020
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