Write 2 page paper discussing the below topic. In order to get full points for this assignment, you need to ensure that you cover the fully the below questions. The paper is expected to be double spaced, 12 font, times new roman.

Topic: Current accounting for leases requires that certain leases be capitalized. For capital leases, an asset and the associated liability are recorded. Whether or not thelease is capitalized, the cash fows are the same. The rental payments are set bycontract and are paid over time at equally spaced intervals.

If one of the objectives of fnancial reporting is to enable investors, creditors,and other users to project future cash fows, what difference does it makewhether we report the lease as a liability or simply describe its terms in foot-notes? Discuss.

Journal Article Review:

In addition, read journal article: Assessing the Allowance for Doubtful Accounts by MARK E. RILEY(Journal of Accountancy) found at:http://www.journalofaccountancy.com/Issues/2009/Sep/20091539and submit one page review on Blackboard