Determine whether each question is true or false and explain fully

4- A reduction in future tax rates, enacted by Congress, will result in a reduction in deferred tax liabilities. # 4 is true but explain

5- Under the new ASU (840 and 842) which dictates the accounting for leases by lessees, the classification of a lease as financing or operating determines the recognition, measurement, and presentation of expenses and cash flows. #5 is true but explain

6- In a lease transaction, executory and initial direct costs have the same impact on a lessor and are therefore expensed as incurred. # 6 is false but explain