Refer to Rocket Corporation

question 148

True/False

Refer to Rocket Corporation.
Required:
1.Determine the present value of the lease at its inception.
2.Determine the amounts related to the lease that Rocket would report in its balance sheet and income statement at December 31 of the current year.
3.Make the appropriate journal entries to record the lease and the related transactions from the inception of the lease through December 31 on Rocket's books.