On January $1,2024,$ Harlon Consulting entered Into a three$-$year lease for new office space agreelng to lease payments of $$12,700$ in $2024,$$$9,800$ in $2025$ and $$6,900$ in $2026.$ Payments are due on December $31$ of each year with the first payment belng made on December $31,2024.$ Harlon is aware that the lessor used a $6\%$ interest rate when calculating lease payments.

Requlred:

Prepare the approprlate entrles for Harlon Consulting on January $1,2024,$ December $31,2024,2025$ and $2026$ to record the lease.

Answer rating: 100% (QA)

To prepare the appropriate entries for Harlon Consulting for the lease entered into on January 1 202... View the full answer