Question: 1. What is the difference between a financing lease and an operating lease? 2. How do you calculate the value of a lease? 3. What

1. What is the difference between a financing lease and an operating lease? 2. How do you calculate the value of a lease? 3. What is the journal entry for the lessor to record a lease at the beginning of the lease? 4. What is the journal entry for the lessor to record the first and second lease payment when the first lease payment is due at the inception of the lease? 5. Can the lessor record depreciation (or amortization) of a lease? If so, what is the journal entry? 6. Is amortization calculated by the lessor differently if the lease is a operating lease or a financing lease? If so, what is the difference in how the amortization is calculated

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