On January 1, 2020 Venti Company rented out an apartment to Barbatos Company for an operating lease term of 3 years. Any executory costs are responsibility of the Venti. The following items are relevant to the lease: Annual rental payments 250,000 Maintenance & property taxes 30,000 Security deposit 80,000 Requirements: a. What are the journal entries in the books of the Barbatos in 2020? b. What are the journal entries in the books of the Venti in 2020?

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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.