Lessor Company rented a machine to Lessee Company on January 1, 2014, for a period of 3 years.Rent of $6,000 is due January 1, of each year (starting in 2014).The lease qualified as an operating lease for both the lessor and lessee.In addition to the monthly rentals, the lease contract required Lessee Company to pay $1,000 on January 1, 2014 (this is non-refundable).The accounting period ends December 31.Complete the entries required for Lessee Company on the following dates, using the straight-line method.
(a)January 1, 2014:
(b)December 31, 2014:

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The Answer of Lessor Company rented a machine to Lessee Company on January 1, 2014, for a period of 3 years.Rent of $6,000 is due January 1, of each year (starting in 2014).The lease qualified as an operating lease for both the lessor and lessee.In addition to the monthly rentals, the lease contract required Lessee Company to pay $1,000 on January 1, 2014 (this is non-refundable).The accounting period ends December 31.Complete the entries required for Lessee Company on the following dates, using the straight-line method.
(a)January 1, 2014:
(b)December 31, 2014:

Lessor Company Rented a Machine to Lessee Company on January