When a lessee makes an entry at the beginning of a lease, which of the following are
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Question:
When a lessee makes an entry at the beginning of a lease, which of the following are included in the amount that will be recorded as both a right-of-use asset and a lease liability? (Select all that apply.)
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1. Fair value of the asset leased
2. Present value of a cash payment expected to be made at the end of the lease term because of a guaranteed residual value
3. Present value of expected residual value
4. Present value of periodic lease payments
5. Sum of the payments made over the term of the lease
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