Question: Record the adjusting entry from the following data when his first financial year ends two months after the lease commenced. Nelson owns a cruise ship

Record the adjusting entry from the following data when his first financial year ends two months after the lease commenced.

Nelson owns a cruise ship and leased it for 5 years receiving $6 million (the entire lease amount) at the commencement of the lease. Nelson recorded the receipt of the money as Unearned Rent Revenue.

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