Question: a. Identify the different classifications of leases by a lessor. Describe the criteria for classifying each lease type. b. Explain the accounting procedures for leases

a. Identify the different classifications of leases by a lessor. Describe the criteria for classifying each lease type.
b. Explain the accounting procedures for leases by a lessor.

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a The major classifications of leases by lessors are 1 Sales type leases 2 Direct financing leases 3 Operating leases The criteria for classifying each type are as follows If a lease meets any one of ... View full answer

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