brightspace.cuny.edu$/$d$2$l$/$le$/$content$/875416/$viewContent$/35050384/$Niew

Update

$2$:$23$:$10$ remaining

Exam $2$ Intermediate Accounting II

Which of the following statements is false?

To record the cost of the building on January $1$ year $1$

Cash $4,200,000$

Buildings $,4,200,000$

To record receipt of lease payment on January $1$ year $1$

Cash $275,000$

Unearned Lease Revenue $275,000$

To record the recognition of the revenue each period on December $31$ year $1$

Unearned Lease Revenue $275,000$

Lease Revenue

$275,000$

To record depreciation expense on the leased asset on December $31$ year $1$

Depreciation Expense $84,000$

Accumulated Depreciation$-$Leased Building

$84,000$