Use the information for McCormick Corporation from BE20-6. Assume that at December 31, 2014, McCormick made an

Question:

Use the information for McCormick from BE20-6. Assume that at December 31, 2014, McCormick made an adjusting entry to accrue interest expense of $8,296 on the lease. Prepare McCormick's May 1, 2015 journal entry to record the second lease payment of $25,561. Assume that no reversing entries are made.
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...