Question: Food2GoToday cannot readily determine the rate implicit in the contract. Food2GoToday's incremental borrowing rate is 6.5 percent. Neither Food2GoToday, as a potential lessee, nor any

Food2GoToday cannot readily determine the rate implicit in the contract. Food2GoToday's incremental borrowing rate is 6.5 percent. Neither Food2GoToday, as a potential lessee, nor any other third party provides any residual value guarantee to WeHaveFoodTrucks. Required: 1. Does the contract contain a lease? Specifically: a. Is there an identified asset in the contract? b. If there is an identified asset, does the contract convey the right to control the use of the identified asset to Food2GoToday throughout the period of use

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