Korn Business Solutions
The following footnote accompanied the company's 2019 financial statements:
The Corporation leases office, warehouse and showroom space, retail stores, and office equipment under short-term leases, which expire no later than 2032. The Corporation normalizes fixed escalations in rental expense under its short-term leases. Minimum annual rentals under non-cancelable short-term leases, excluding operating cost escalations and contingent rental amounts based upon retail sales, are payable as follows: Rent expense was $12,551,000; $8,911,000; and $5,768,000 for the years ended March 31, 2019, 2018, and 2017, respectively.
-Refer to Korn Business Solutions. Write the journal entries that would be used to record each type of lease described in the previous question.

Question

Korn Business Solutions
The following footnote accompanied the company's 2019 financial statements:
The Corporation leases office, warehouse and showroom space, retail stores, and office equipment under short-term leases, which expire no later than 2032. The Corporation normalizes fixed escalations in rental expense under its short-term leases. Minimum annual rentals under non-cancelable short-term leases, excluding operating cost escalations and contingent rental amounts based upon retail sales, are payable as follows:  Rent expense was $12,551,000; $8,911,000; and $5,768,000 for the years ended March 31, 2019, 2018, and 2017, respectively.
-Refer to Korn Business Solutions. Write the journal entries that would be used to record each type of lease described in the previous question.

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The Answer of Korn Business Solutions
The following footnote accompanied the company's 2019 financial statements:
The Corporation leases office, warehouse and showroom space, retail stores, and office equipment under short-term leases, which expire no later than 2032. The Corporation normalizes fixed escalations in rental expense under its short-term leases. Minimum annual rentals under non-cancelable short-term leases, excluding operating cost escalations and contingent rental amounts based upon retail sales, are payable as follows:  Rent expense was $12,551,000; $8,911,000; and $5,768,000 for the years ended March 31, 2019, 2018, and 2017, respectively.
-Refer to Korn Business Solutions. Write the journal entries that would be used to record each type of lease described in the previous question.

Korn Business Solutions The Following Footnote Accompanied the Company's 2019 Financial Statements