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It is not prepaid rent, so I am unsure of what the entry would be ( for the $100,000 advanced payment )

CH 15 Homework - Leases i Saved Help Save & Exit Submit Check my work 3 9 points On January 1, 2021, Winn Heat Transfer leased office space under a three-year operating lease agreement. The arrangement specified three annual lease payments of $80,000 each, beginning December 31, 2021, and at each December 31 through 2023. The lessor, HVAC Leasing calculates lease payments based on an annual interest rate of 5%. Winn also paid a $100,000 advance payment at the beginning of the lease. With permission of the owner, Winn made structural modifications to the building before occupying the space at a cost of $180,000. The useful life of the building and the structural modifications were estimated to be 30 years with no residual value. (FV of $1. PV of $1. FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Required: Prepare the appropriate entries for Winn Heat Transfer from the beginning of the lease through the end of 2023. Winn's fiscal year is the calendar year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answers to the nearest whole dollar.) cBook Print References View transaction list Journal entry worksheet Record the advance payment made at the beginning of lease by Winn. Ninte. Ente Habit CH 15 Homework - Leases Seved Help Save & Exit Submit Check my work 3 Record the advance payment made at the beginning of the lease by Winn. 9 points Note: Enter debits before credits General Journal eBook Debit Credit Date January 01, 2021 exp Print References Amortization expense Depreciation expense Interest expense Maintenance expense Prepaid expense Record entry View general journal CH 15 Homework - Leases Saved Help Save & Exit Check my m. Record the advance payment made at the beginning of the lease by Winn. 9 points Note: Enter debits before credits. Date Debit General Journal eBook Credit January 01, 2021 exp Print References Depreciation expense Interest expense Maintenance expense Prepaid expense Record entry Selling expense View general journal

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