Larkspur Leasing Company signs a lease agreement on January 1, 2020, to lease electronic equipment to Crane Company. The

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Larkspur Leasing Company signs a lease agreement on January 1,
2020, to lease electronic equipment to Crane Company. The term of
the non-cancelable lease is 2 years, and payments are required at
the end of each year. The following information relates to this
agreement: Prepare the journal entries on the books of Larkspur
Leasing to reflect the payments received under the lease and to
recognize income for the years 2020 and 2021.
Collectibility of the payments by Larkspur Leasing is
probable.