On January 1, the lessee company signed an operating lease contract. The lease contract calls for $3,000

Question:

On January 1, the lessee company signed an operating lease contract. The lease contract calls for $3,000 payments at the end of each year for 10 years. The rate implicit in the lease is 10%. Make the journal entries necessary on the books of the lessee company

(1) On the lease-signing date and

(2) To record the first lease payment.