Warren Marina owns a large marina that contains numerous boat slips of various sizes. Warren contracts with boat owners to provide slips to house the customers boats. Lucky Fisherman Fleet contracted with Warren to provide space for four of its fishing boats. The contract specifies that Lucky Fishermans boats will be kept in identified slips in the marina. However, Warren has the right to shift the boats to other slips within its marina at its discretion, subject to the requirement to provide 45-foot slips per boat for a three-year period. Warren frequently rearranges its customers boats to meet the needs of new contracts. Costs of reallocating space is low relative to the benefits of being able to accommodate more customers and their specific requests. Lucky Fisherman Fleet paid $17,000 on March 1, 2021, for the first years accommodations. The market rate of interest is 7%. Required: Prepare the appropriate entry(s) for Lucky Fisherman Fleet at March 1, the commencement of the agreement. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet Record the payment of $17,000 on March 1, 2021, for the first year's accommodations Note: Enter debits before credits. General Journal Credit Date March 01, 2021 Debit 17,000 Cash 17,000 Record entry Clear entry View general journal Answer is complete but not entirely correct. No Date General Journal Credit Debit 17.000 1 March 01, 2021 Lease expense Cash 17,000 Answer is complete but not entirely correct. No General Journal Debit Credit 1 Date March 01, 2021 Lease payable Cash 17,000 17.000 PLEASE SEE CHOICES FOR JOURNAL ENTRIES AVAILABLE IN DROPDOWN: No journal entry required Accumulated depreciation Building Cash Cost of goods sold Deferred sales revenue Depreciation expense Equipment Interest expense Interest payable Interest receivable Interest revenue Lease expense Lease payable Lease receivable Lease revenue Maintenance expense Notes payable Prepaid expense Right-of-use asset Sales revenue Selling expense