Save Answer Question 6 entries made on January 1, 2022? Patrick Industries leased exercise equipment to Kendra's Gyms on January 1, 2022. The lease does not meet the criteria for classification as a finance lease. The lease agreement specifies four payments of $70,000 beginning on January 1, 2022. The present value of those payments at a discount rate of 6% is $257,111. Which of the following is true regarding the O Patrick Industries record a debit to cash for $70,000. O Patrick Industries records a credit to exercise equipment for $257,111. Kendra's Gyms records a debit to lease expense for $257,111. O Kendra's Gyms record a credit to lease payable of $70,000. 3 points