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Question - ABC CORP. leases a piece of land from another company. The lease does not transfer ownership of the land to the lessee but the present value of the future lease payments is equal to a significant portion of the fair market value of the land. It also leases a piece of equipment from the same company. The lease for this equipment does not contain a purchase option but the term of the lease is equal to 15 of the 20-year economic life of such an underlying asset which, under the new standard, comprises the majority of the equipment's useful life. How should the lessor of these assets classify these leases?
a. Lease of Land - Finance Lease; Lease of Equipment - Operating Lease
b. Lease of Land - Finance Lease; Lease of Equipment - Finance Lease
c. Lease of Land - Operating Lease; Lease of Equipment - Finance Lease
d. Lease of Land - Operating Lease; Lease of Equipment - Operating Lease
How does a "JIT" plant such as Hyundai benefit from the use of EDI? In other words, why does the information flow technique (EDI) improve
What amount can Noriko deduct as property taxes in calculating itemized deductions, assuming she was under the $10,000 limit for state and local taxes, for 2019
Firefly, Inc. reported the following results for the year ending July 31: Prepare a retained earnings statement for the fiscal year ended July 31
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Alicia loses her job part way through 2019. Her employer pays her wages of $15,450 up through her date of termination. Compute the Alicia gross income
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Discuss whether generally accepted accounting principles provide the proper information useful to managers and investors in this situation.
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