5.Summarize the factors to consider when determining whether there a contract grants right of control over an identied asset

QUESTION 3 5 points Save Answer Draw upon guidance in ASC 842-10-15-1 to ASC 842-10-15-27 to determine whether the following contract constitutes a lease. Reach a conclusion and explain the basis of your conclusion. Contract: Customer enters into a contract with Supplier for the use of a specified ship for a five-year period. The ship is explicitly specified in the contract, and Supplier does not have substitution rights. Customer decides what cargo will be transported and whether, when, and to which ports the ship will sail, throughout the five-year period of use, subject to restrictions specified in the contract. Those restrictions prevent Customer from sailing the ship into waters at a high risk of piracy or carrying hazardous materials as cargo. Supplier operates and maintains the ship and is responsible for the safe passage of the cargo onboard the ship. Customer is prohibited from hiring another operator for the ship or operating the ship itself during the term of the contract. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). QUESTION 3 5 points Save Answer Draw upon guidance in ASC 842-10-15-1 to ASC 842-10-15-27 to determine whether the following contract constitutes a lease. Reach a conclusion and explain the basis of your conclusion. Contract: Customer enters into a contract with Supplier for the use of a specified ship for a five-year period. The ship is explicitly specified in the contract, and Supplier does not have substitution rights. Customer decides what cargo will be transported and whether, when, and to which ports the ship will sail, throughout the five-year period of use, subject to restrictions specified in the contract. Those restrictions prevent Customer from sailing the ship into waters at a high risk of piracy or carrying hazardous materials as cargo. Supplier operates and maintains the ship and is responsible for the safe passage of the cargo onboard the ship. Customer is prohibited from hiring another operator for the ship or operating the ship itself during the term of the contract. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac)