Question: Hi please help me with this This has the same data as the other problem. On January 1, 2020, Happy Company entered into a 5-year
Hi please help me with this

This has the same data as the other problem. On January 1, 2020, Happy Company entered into a 5-year lease term of an office unit with the following terms: Annual rental for the first 2 years payable every December 400,000 31 600,000 200,000 500,000 Annual rental for the next 3 years payable every December 31 The initial direct cost paid by the lessee Leasehold improvement The present value of the restoration cost required by the contract The useful life of the building Implicit interest rate The discount rate for the restoration cost 100,000 20 years 8% 5% Prepare the journal entry for the lease payment on December 31, 2022? (Write the word debit for the account to be debited and credit for the account to be credited. Provide 1 space then write the amount. There are 4 blanks provided. If you don't need the extra blanks, write 0 on those blanks. See the example below. debit Cash 100 credit Receivable 100
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