An entity signs a lease for a computer where the first payment will be made next month. The lease is for three years but it does not meet any of the FASB requires for a financing lease. For government-wide financial statements of a state or local government and for financial statements of a business entity, which of the following is true? Multiple choice question. On government-wide statements, a liability is reported by both a state or local government and a business for the present value of future payments. No liability is reported immediately by either a state or local government or a business at the present value of the future payments.. On government-wide statements, a state/local government reports a liability at the present value of future payments; a business shows no liability. A liability is immediately reported by a business at the present value of the future payments; a state or local government records no present value