Trying this again! The last person got all the answers wrong and did not explain....
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Trying this again! The last person got all the answers wrong and did not explain. Please show the math on how you're getting the answers!
On January 1, 2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of: $11,200 in 2024,$8,800 in 2025 and $6,400 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 )
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