On January 1, 2013, Holbrook Company leased a building under a three-year operating lease. The annual rental payments are $40,000 on January 1, 2013; $30,000 on January 1, 2014; and $20,000 on January 1, 2015.
Required:
Prepare the appropriate journal entries for Holbrook Company from the inception of the lease through the end of 2015.

Question

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The Answer of On January 1, 2013, Holbrook Company leased a building under a three-year operating lease. The annual rental payments are $40,000 on January 1, 2013; $30,000 on January 1, 2014; and $20,000 on January 1, 2015.
Required:
Prepare the appropriate journal entries for Holbrook Company from the inception of the lease through the end of 2015.

On January 1, 2013, Holbrook Company Leased a Building Under