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What are the journal entries in the books of the lessee

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Reference no: EM132556029

OPERATING LEASE:

On January 1, 2020 Lessor Company rented out an apartment to Lessee Company for an operating lease term of 3 years. Any executory costs are responsibility of the lessor. The following items are relevant to the lease:

Annual rental payments 200,000

Maintenance & property taxes 50,000

Security deposit 70,000

Requirements:

Question a. What are the journal entries in the books of the LESSEE in 2020?

Question b. What are the journal entries in the books of the LESSOR in 2020?

Reference no: EM132556029

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