Karuna Consulting leased a building on January 2, 2019. The lease qualifies as a short-term lease. The annual payments are $25,000 at the beginning of each year, and the life of the lease is 10 years. What entry would the company make on January 2, 2019? 
Definitions:
Quantity Supplied
The total amount of a good or service that producers are willing and able to sell at a certain price over a specified period.
Price Effect
The impact on consumer demand and company revenue as the cost of a good or service changes.
Quantity Effect
The impact on total revenue that results from changing the quantity of goods or services sold, holding all else constant.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, quantitatively defined as the percentage change in quantity demanded divided by the percentage change in price.
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