Refer to the situation described in E1545. Required: 1. What pretax amounts related to the lease would

Question:

Refer to the situation described in E15–45.

Required:

1. What pretax amounts related to the lease would IC report in its balance sheet at December 31, 2013?

2. What pretax amounts related to the lease would IC report in its income statement for the year ended December 31, 2013?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...