Exercise $15-18($Algo$)$ Short$-$term lease LO$15-5$ Chance Enterprises leased equipment from Third Bank Leasing on January $12024$ Chance elected the short$-$term lease option Appropriate adjusting entries are made annually lease life of asset Interest rate charged by the years on January $,$ through December years Required: Prepare appropriate entries for Chance from the beginning of the lease through April $1,2024$ NoteIf no entry is required for transaction $/$event$,$ select No journal entry requiredin the first account field transaction $1$ January $012024$

 

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