How is the signing of a long-term lease for an asset treated differently on the statement of financial position than if the asset was purchased with borrowed funds? Select answer from the options below The lease terms are disclosed in the notes only - nothing appears on the statement ofd financial position. The leased asset is not recorded since it is not owned. The lease liability is not recorded as the payments are expensed when made. There is no difference. In both cases, the long-term asset is recorded along with a long-term liability.

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The correct answer is There is no difference In both cases ... View the full answer