Required:

Prepare the appropriate entries for the lessee related to the lease on January $1,2024$ and December $31,2024.$

Prepare the appropriate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Complete this question by entering your answers in the tabs below.

Prepare the appropriate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Note: Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction$/$event$,$

select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

Note: Enter debits before credits. Required:

Prepare the appropriate entries for the lessee related to the lease on January $1,2024$ and December $31,2024.$

Prepare the appropriate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Complete this question by entering your answers in the tabs below.

Prepare the appropriate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Note: Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction$/$event$,$

select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$3$

Record the cash received $($include maintenance fee accrual$).$

Note: Enter debits before credits. Required:

Prepare the appropriate entries for the lessee related to the lease on January $1,2024$ and December $31,2024.$

Prepare the appropriate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Complete this question by entering your answers in the tabs below.

Prepare the appropriate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Note: Round your intermediate and final answers to the nearest whole dollar amount. If no entry is required for a transaction$/$event$,$

select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

$2$

$3$

Record cash received by lessor.

Note: Enter debits before credits.On January $1,2024.$ NRC Credit Corporation leased equipment to Brand Services under a finance$/$sales$-$type lease designed to eam

NRC a ith rate of return for providing long$-$term financing. The lease agreement specified the following:

Ten annual peyments of $$70,000$ beginning January $1,2024,$ the beginning of the lease and each December $31$ thereafter

through $2032.$

The estimated useful nte of the leased equipment is $10$ years with no residual value ins cost to NRC was $$411\mathrm{.}834.$

The lease oualifies as a tinance lease$/$salestype lease.

A $10-$year service agreemem with Quality Maintenance Company was negotioted to provide maintenance of the equipment as

required. Poyments of $$7,000$ per year are specified, beginning January $1\mathrm{.}2024.$ NRC was to poy this cost as incurred. but lease

poyments reflect this expenditure.

A partial amortization schedule, appropriate for both the lessee and lessor, follows:

Required:

Prepare the appropriate entries for the lessee related to the lease on January $1.2024$ and December $31\mathrm{.}2024$

Prepare the appropsiate entries for the lessor related to the lease on January $1,2024$ and December $31,2024.$

Complete this question by entering vour answers in the tabs below.