A new long-term lease is entered into for extra storage space for the new product line of
Fantastic news! We've Found the answer you've been seeking!
Question:
A new long-term lease is entered into for extra storage space for the new product line of ink cartridges. The net present value of the future lease payments is $120,400. The lease is for two years at $5,000 per month beginning March 1.
Book the journal entry for paid rent expenses for the first half of the year in cash.
Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
Posted Date: