Record the following 13 entries: 1. 01.01.2024 Record the cash received. 2. 01.01.2024 Record the payment of initial direct costs. 3. 12.31.2024 Record the cost of the lease. 4. 12.31.2024 Record the depreciation. 5. 12.31.2024 Record the lease revenue. 6. 01.01.2025 Record the cash received. 7. 12.31.2025 Record the cost of the lease. 8. 12.31.2025 Record the depreciation. 9. 12.31.2025 Record the lease revenue. 10. 01.01.2026 Record the cash received. 11. 12.31.2026 Record the cost of the lease. 12. 12.31.2026 Record the depreciation. 13. 12.31.2026 Record the lease revenue.

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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.