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katrin [286]
2 years ago
5

On January 1, 2018, Gibson Corporation entered into a four-year operating lease. The payments were as follows: $20,000 for 2018,

$18,000 for 2019, $16,000 for 2020, and $14,000 for 2021. What is the correct amount of total lease expense for 2019
Business
1 answer:
antiseptic1488 [7]2 years ago
3 0

Based on accounting principles, the correct amount for total lease expense in 2019 is<u> $17,000.</u>

<h3>Why is this the correct amount?</h3>

Accounting principles state that lease payments must be recorded as an equal amount over the years of the lease.

The total lease payment is:

= 20,000 + 18,000 + 16,000 + 14,000

= $68,000

Annual payment is:

= 68,000 / 4

= $17,000

Find out more on lease payments at brainly.com/question/5563107.

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