Use the information for Kleckner Corporation from BE17-3. Assume that at December 31, 2008, Kleckner made an

Question:

Use the information for Kleckner from BE17-3. Assume that at December 31, 2008, Kleckner made an adjusting entry to accrue interest expense of $19,686 on the lease. Prepare Kleckner’s January 1, 2009, journal entry to record the second lease payment of $35,947.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...