Prepare the appropriate journal entry to be made by Mayfield Company for the first lease payment. Prepare the journal entry to record the second lease agreement on the books of Olsen Inc. on January 1, 2010.

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A:

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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.