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1) Generous Inc. leased automobiles for $1.2 million with annual payments of $260,000 for 5 years. It recorded the right-of-use asset of $1.2 million, lease liability of $972,302 initially, then recorded interest expense, depreciation expense, and reductions to the lease liability each year. 2) Diana Corporation leased equipment for $361,447 with annual payments of $86,680 for 5 years. It recorded the right-of-use asset, lease liability initially, then recorded interest expense, depreciation expense, and

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BSA

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EN