Question: Question 1 True or False a. Installment loans can require one payment per year or several payments per year. b. To classify a lease arrangement

Question 1 True or False a. Installment loans can require one payment per year or several payments per year. b. To classify a lease arrangement as a capital lease the lease arrangement has to meet four ownership test. c. In a capital lease, the leased asset is reported on the balance sheet at market value. d. In a capital lease, the payments include an interest component. e. The farm business owes income taxes at the end of the year because income taxes are not paid until after the end of the year

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