What will be an ideal response?
Answer:
January 1
Lease Receivable 16,000,000
Sales Revenue 16,000,000
Cost of Goods Sold 12,000,000
Merchandise Inventory 12,000,000
Cash 1,493,617
Lease Receivable 1,493,617
July 1
Cash 1,493,617
Interest Revenue 870,383
Lease Receivable 623,234