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On January 1,2024, Harlon Consulting entered into a three-year lease for new office...

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Accounting

On January 1,2024, Harlon Consulting entered into a three-year lease for new office space agreeing to lease payments of $6,800 in 2024, $9,600 in 2025, and $12,400 in 2026. Payments are due on December 31 of each year with the first payment being made on December 31,2024. Harlon is aware that the lessor used a 5% interest rate when calculating lease payments.
Required:
1-4. Prepare the appropriate entries for Harlon Consulting on January 1,2024, December 31,2024,2025 and 2026 to record the lease.
Note: Use tables, Excel, or a financial calculator. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate and final answers to nearest whole dollar. (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1)
PLEASE NOTE THE IMAGE BELOW... RED INDICATES AN INCORRECT RESPONSE AND GREEN INDICATES A CORRECT RESPONSE. Answer is complete but not entirely correct.
\table[[No,Date,General Journal,Debit,Credit],[1,January 01,2024,Right-of-use asset,diamond,20,652,],[,Lease payable,,,20,652
image

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