Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on january 1,2024, harlon consulting entered into

On January 1,2024, Harlon Consulting entered into a three-year lease for new office...

60.1K

Verified Solution

Question

Accounting

On January 1,2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $6,800 in 2024, $9,600 in 2025, and $12,400 in 2026. Payments are due on December 31 of each year with the first payment being made on December 31,2024. Harlon is aware that the lessor used a 5% interest rate when calculating lease payments.
Required:
1-4. Prepare the appropriate entries for Harlon Consulting on January 1,2024, December 31,2024,2025 and 2026 to record the lease.
Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
PLEASE NOTE THE IMAGE BELOW... RED INDICATES AN INCORRECT RESPONSE AND GREEN INDICATES A CORRECT RESPONSE. Answer is complete but not entirely correct.
\table[[No,Date,General Journal,Debit,Credit],[1,January 01,2024,Right-of-use asset,diamond,20,652,],[,Lease payable,,,20,652
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

In the early stages of CoVID 19 many public figures compared coronavirus to the influenza virus....

Biology
Q

Photochronograph Corporation (PC) manufactures time series photographic equipment. It is currently at its target debt-equity ratio of...

Finance
Q

Total plasma volume is important in determining the required plasma component in blood replacement therapy for...

Statistics
Q

A solid sphere of uniform density and radius R applies a gravitational force of attraction...

Physics
Q

A house was valued at 120 000 in the year 1985 The value appreciated to...

Basic Math
Q

Given the graph of a radical function which statement is correct 4 3 2 1...

Calculus
Q

White cards are negative and graycards are positive. Find the value of the cards.9 5...

Algebra
Q

The thudaka company has budgeted it's conversion cost for the small lamp production as$65000 for...

Accounting
Q

can you please help me answer this question asap The payroll register for...

Accounting
Q

What motivated the New York Stock Exchange to seek the development of accounting principles?

Accounting
Q

Help Save & Exit Submi Hoi Chong Transport, Ltd. operates a fleet of delivery trucks...

Accounting
Q

Which of the following statements is false? Group of answer choices The more frequently interest...

Finance