connect Ch 15 Test Question 3 (of 12 3. 1000 points MC Qu. 39 LO 15-04 On Januar

Question

connect Ch 15 Test Question 3 (of 12 3. 1000 points MC Qu. 39 LO 15-04 On January 1, 2016, Gibson Corporation entered Into a four-year.. On January 1,2016, Gibson Corporation entered into a four-year operating lease The payments were as tollows $22,500 for 2016, $19,500 for 2017, $16.000 for 2018, and $13,000 for 2019 What is the correct amount of lease expense for 2017? O $19.500 O s21000 O $17,750 O $22,500. Multiple Choice Mc Ou 39 LO 15-04 On January 1.2016, Gibson Corporatian entered into o four-year TOSHIBA 3 4 5 6 tab 9 8

Explanation / Answer

Under operating lease rent expense paid is recognized as lease expense using straight line method. in operating lease there is no assets and liabilities recorded.

But in this question particular year lease is given so lease expense for 2017 is $19500

so answer is a) 19500

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.