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Hy Marx Company recorded a right-of-use asset of $604,000 in a 10-year operating lease. Lease...

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Accounting

  1. Hy Marx Company recorded a right-of-use asset of $604,000 in a 10-year operating lease. Lease payments are made annually on January 1 of each year beginning January 1, 2024. The interest rate charged by the lessor was 10%. Note: Use appropriate factor(s) from the tables provided.(FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) Required:Prepare the appropriate journal entries on January 1, 2024, and December 31, 2024. Note: Round your answers to the nearest whole dollar amounts.

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