Reference no: EM132656289
Problem 1: According to U.S. GAAP, all of the following would require finance lease treatment by the lessee except:
A) the lease contains a purchase option.
B) ownership of the leased asset transfers to the lessee at the end of the lease.
C) the lease term covers a major portion of the asset's useful life.
Problem 2: Which of the following is most correct if a lessee capitalizes a lease?
A) Current assets increase.
B) Current liabilities increase.
C) Current liabilities decrease.
Problem 3: If a firm reacquires its outstanding debt for an amount that is less than the book value of the debt, the resultant:
A) gain is recognized in shareholders' equity as "other comprehensive income."
B) loss is recognized as a component of earnings.
C) gain is recognized as a component of earnings.
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