Related Information:

Lease term $1$ years $(12$ monthly periods$)$

Monthly lease payments $$52,000$ on January $1,2024,$ through December $1,2024.$

Economic life of asset $5$ years

Interest rate charged by the lessor $6\%$

Record the beginning of the lease for Chance.

$2$Record the lease payment made by Chance.

$3$Record the lease payment made by Chance.

$4$Record the lease payment made by Chance.

$5$Record the lease payment made by Chance.