Answered step-by-stepChoose the option to correctly complete the sentence. Assume that...
Choose the option to correctly complete the sentence.
Assume that Melissa's Magic Markers signs an operating lease for a new retail location. The lease term is 5 years and the cost is $2,500 per month.
Melissa's Magic Markers will record a lease obligation (liability) of ___________ at inception and an annual lease expense of ______________.
- $0; $30,000
- $30,000; $0
- $0; $2,500
- $2,500; $30,000
Answer & Explanation
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