The company is a lessee and signed a 3-year operating lease that calls for a payment of

Question:

The company is a lessee and signed a 3-year operating lease that calls for a payment of $10,000 at the end of the first year and payments of $40,000 at the end of each year for the second and third years. Make the journal entries necessary to record the lease payments at the end of each of the three years.