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Lynx Pro Inc. (Lynx) is a Canadian public company with a December 31 year end. Lynx owns the Lynx Pro Soccer Club of Moncton. The soccer club needed a new stadium. Kevin Marsden, the CEO of Lynx, arranged the following with Genuine Capital Ltd. (Genuine):
Required:
Question a) Discuss whether this is a finance or operating lease for Genuine (the lessor). Consider at least four lease criteria in your discussion. Include detailed calculations where appropriate.
Question b) Assume that Lynx (the lessee) correctly recorded the leased stadium as a finance lease. Prepare the journal entries that Lynx should record:
i. At September 30, 2019
ii. For the three months ended December 31, 2019
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