In a finance lease: the lessee records an asset and a liability for the present value...
In a finance lease:
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the lessee records an asset and a liability for the present value of lease payments.
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the lessor records an asset and a liability for the present value of lease payments.
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the lessee records an asset and a liability for the total of the lease payments.
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the lessor records an asset and a liability for the total of the lease payments.
In connection with a lease of more than 12 months, the lessee always will record each of the following except:
an asset.
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interest revenue.
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an expense.
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a liability.
Homework Answers
Answer: Interest revenue
Explanation:
In connection with a lease of more than 12 months, the lessee always will record an Asset, an Expense and a Liability.
But, Interest revenue will be recorded by the Lessor.
Thus, In connection with a lease of more than 12 months, the lessee always will record an Asset, an Expense and a Liability Except Interest revenue.
Add Answer to:
In a finance lease:
the lessee records an asset and a liability for the present
value...
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