RECOMMENDED!!ACNT 1371-On January 1, 2018, Rick’s Pawn Shop
On January 1, 2018, Rick’s Pawn Shop leased a truck from Chumley Motors for a five-year period with an option to extend the lease for three years. Rick’s had no significant economic incentive as of the beginning of the lease to exercise the 3-year extension option. Annual lease payments are $17,000 due on December 31 of each year, calculated by the lessor using a 5% interest rate. The agreement is considered an operating lease. (FV of $1,PV of $1,FVA of $1,PVA of $1,FVAD of $1 andPVAD of $1)(Use appropriate factor(s) from the tables provided.)Required:1. Prepare Rick’s journal entry to record for the right-of-use asset and lease liability at January 1, 2018.2. Prepare the journal entries to record interest and amortization at December 31, 2018.
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