Steinway \& Sons Senior Accountant Assignment Background: On April 19, 2023 one of Steinway's retail showrooms made the decision to renew an existing lease in California. The existing lease expired on 5/31/23 and a new five-year lease commenced on 6/1/2024. The monthly cash payment schedule is below: Assignments: Part 1 Per ASC 842, the above lease is an operating lease and will need to be recognized on a straight-line basis to be in accordance with US GAAP. The corporate team has asked you to build out a monthly lease deferral schedule, which will reflect: a) The straight-line rent that will be recognized each month. b) The monthly amounts that will be booked to our short-term and long-term deferred lease liability accounts. c) The cumulative balance of the short-term and long-term deferred lease liability accounts for each month of the lease. Please build out the schedule and provide it to corporate for their review. Part 2 The Store Manager of the location with the newly signed lease reached out after receiving their operating P\&L for the month of June. They are confused why the rent expense for the store is $6,700 when we only paid $6,300 to the landlord. Please craft an email response to the store manager explaining why the rent expense is $6,700. Steinway \& Sons Senior Accountant Assignment Background: On April 19, 2023 one of Steinway's retail showrooms made the decision to renew an existing lease in California. The existing lease expired on 5/31/23 and a new five-year lease commenced on 6/1/2024. The monthly cash payment schedule is below: Assignments: Part 1 Per ASC 842, the above lease is an operating lease and will need to be recognized on a straight-line basis to be in accordance with US GAAP. The corporate team has asked you to build out a monthly lease deferral schedule, which will reflect: a) The straight-line rent that will be recognized each month. b) The monthly amounts that will be booked to our short-term and long-term deferred lease liability accounts. c) The cumulative balance of the short-term and long-term deferred lease liability accounts for each month of the lease. Please build out the schedule and provide it to corporate for their review. Part 2 The Store Manager of the location with the newly signed lease reached out after receiving their operating P\&L for the month of June. They are confused why the rent expense for the store is $6,700 when we only paid $6,300 to the landlord. Please craft an email response to the store manager explaining why the rent expense is $6,700