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What would be the disclosure in financial statement

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Question - On 1/1/2020, Jensen Jewelers purchased for $2.5 Million the naming rights to the hockey arena owned by the town of Springfield. Consequently, Jensen has the right to name the Arena for a 10-Year term. Also included in these rights is that Jensen has the right to display its name throughout the interior of the Arena, including above the fixed scoreboard, along the wall of the main entrance to the arena, and the name Jensen Arena will be mounted on the exterior of the Arena. Is this arrangement a lease? (Need support from the Codification)

What would be the disclosure in financial statement, and how to record the transaction (Journal Entry)?

Reference no: EM132886462

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