Use the information for Rick Kleckner Corporation from

Use the information for Rick Kleckner Corporation from BE21-3. Assume that at December 31, 2011, Kleckner made an adjusting entry to accrue interest expense of $29,530 on the lease. Prepare Kleckner’s January 1, 2012, journal entry to record the second lease payment of $53,920.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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