On January 1, 2009, Holbrook Company leased a building under a 3-year operating lease. The annual rental payments are $40,000 on January 1, 2009, $30,000 on January 1, 2010, and $20,000 on January 1, 2011.
Required:
Prepare the appropriate journal entries for Holbrook Company from the inception of the lease through the end of 2011.

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The Answer of On January 1, 2009, Holbrook Company leased a building under a 3-year operating lease. The annual rental payments are $40,000 on January 1, 2009, $30,000 on January 1, 2010, and $20,000 on January 1, 2011.
Required:
Prepare the appropriate journal entries for Holbrook Company from the inception of the lease through the end of 2011.

On January 1, 2009, Holbrook Company Leased a Building Under