Refer to Rocket Corporation

True/False

Refer to Rocket Corporation.
Required:
1.Determine the pre-tax amounts that Denver Leasing would record on its balance sheet and income statement as of December 31 of the current year.
2.Make the appropriate journal entries to record the lease and the related transactions from the inception of the lease through December 31 on Denver's books.
3.Determine the pre-tax amounts that Denver Leasing would record on its balance sheet and income statement as of December 31 of the next year.