Wildhorse Corporation leases new equipment for 10 years on December 31, 2022. The present value of the lease payments is $190,000. After recording this lease, Wildhorse has assets of $1,800,000, liabilities of $1,098,000, and stockholders' equity of $702,000. (a) Your answer is partially correct. Prepare the entry to record the lease. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Lease Lobily Debit 1098000 Credit 1098000

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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.