On April 1, 2024, Primer Corporation signs a five-year lease to use office space. The present value of the monthly lease payments is $194,000. Record the lease. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account ield.) View transaction list Journal entry worksheet < 1 Record the lease. Note: Enter debits before credits. Date April 01, 2024 Record entry General Journal Clear entry Debit Credit View general journal >

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.