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On January 1, 2020, Blossom Inc. entered into an agreement to lease equipment from Splish...

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Accounting

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On January 1, 2020, Blossom Inc. entered into an agreement to lease equipment from Splish Corporation. The lease agreement requires five annual rental payments of $97,500 beginning December 31,2020 . The present value of the rental payments is $370,627. Prepare the entry to record the lease agreement on the books of Blossom Inc. on January 1, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entry before credit entry.)

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