Question: 1. List the codification section (ASC) that addresses lease criteria 2. Define: Operating lease, Capital lease direct financing lease and sales-type lease (cite ASC sections)

1. List the codification section (ASC) that addresses lease criteria

2. Define: Operating lease, Capital lease direct financing lease and sales-type lease (cite ASC

sections)

3. List the four criteria to consider when deciding whether to capitalize a lease (cite ASC section)

4. If this is (or was) an operating lease what is the journal entry at the inception of the lease?

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