Question - On July 1, 2005, Hawkeye Aviation leased two helicopters from Honeycutt aircraft for an initial period of 12 months with a provision of continuation on a month-to-month basis. The lease is properly classified as an operating lease. Lease payments are made as follows:

First two months $8000 per month

Second three months $10000 per month

Third three months $12000 per month

Last four months $15000 per month

After the first 12 months and thereafter $6000

Provide the entries to record the monthly lease payments for the first year on the books of Hawkeye Aviation properly recognizing monthly rent expense.