On January 1, 2013, Sweetwater Furniture Company leased office space under a 21-year operating lease agreement. The contract calls for annual rent payments on December 31 of each year. The payments are $20,500 the first year and increase by $800 per year. Benefits expected from using the office space are expected to remain constant over the lease term. Record Sweetwater's rent payment at December 31, 2017 (the fifth rent payment) and December 31, 2027 (the 15th rent payment).