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Question - Mon Inc. signs an agreement on January 01, 2021, to lease equipment for a 5-year period. The lease agreement calls for annual payments of $184,000, beginning immediately and to be paid on Dec 31 of every year thereafter including this year. The present value of the remaining lease payments is $652,455. The lease agreement calls for a 5% interest rate. Ownership of the equipment will transfer to at the end of the lease term.
a) Prepare the journal entry on January 1, 2021, to record the lease agreement and make the first lease payment.
b) Prepare the entry on December 31, 2021, to record the second lease payment and the accrual of interest.
c) Prepare the entry on December 31, 2021, to record the amortization expense.
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