Conduct a Issue, Rule, Analysis and Conclusion in align with FASB Codification for the follwing event. $5.(20)$ WE did not see an entry to record the lease expense on your shop and office building or your shop equipment this year. The payments are recorded but the expenses need to be accrued at year end, in addition to adjusting the balance sheet amounts for the annual amortization and accrued interest at year end. We also noticed you have a debit balance in your long $-$term equipment leases payable account.

I wondered about that, but just have not had the time to figure out exactly how to record these leases so was hoping that you could take care of that entry for me just one more time? I did notice that debit balance, but, as I said, time got away from me so was not able to figure out how that happened. Plus, it was very small$-$ I figured it was immaterial anyway.