true or false

True or False? For Hope Leasing, this is a Sales-type lease with selling profit True or False? Hope Leasing would have a "Lease Receivable from Python Company" on its ledger. True or False? Python would record on December 31, 2018 Interest Expense of $11,413 True or False? For Python, this is an Operating Lease True or False? This lease is noncancelable and meets at least one of the five classification criteria for a Finance lease Total lease payments equal $240,000 over the term of the lease True or False? Python Company leased equipment from Hope Leasing on January 1, 2018. Hope purchased the equipment at a cost of $222,666. (Questions 42 thru 50) The lease is noncanceleable. Other information: Lease term 3 years Annual payments $80,000 on January 1 each year Life of asset 3 years Fair value of asset $222,666 Implicit interest rate Incremental rate Present Value of Lease Payments $222,666 421 True or False? Python is the lessor True or False? Hope Leasing debits" Right of Use Asset" for $222,666 on January 1, 2018 True or False? Python records Amortization Expense of $80,000 on December 31, 2018 P 7 of 8