Question: Problem 15-6 (Algo) Operating lease scheduled payment increases [LO15-4] On January 1, 2021, Sweetwater Furniture Company leased office space under a 21-year operating lease

2021, Sweetwater Furniture Company leased office space under a 21-year operating lease

Problem 15-6 (Algo) Operating lease scheduled payment increases [LO15-4] On January 1, 2021, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual lease payments on December 31 of each year. The payments are $18,500 the first year and increase by $375 per year. Benefits expected from using the office space are expected to remain constant over the lease term. Required: Record Sweetwater's lease payment at December 31, 2025 (the fifth lease payment), and December 31, 2035 (the fifteenth lease payment). (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record Sweetwater's lease payment at December 31, 2025 (the fifth lease payment). Note: Enter debits before credits. Date December 31, 2025 General Journal Debit Credit Record entry Clear entry View general journal >

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