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3 Cards in this Set

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How should operating leases be accounted for?
- Asset remains in the balance sheet of the lessor.
- Rent recognized as revenue or expense.
- Revenue is recognized on a straight-line basis (usually).
2332.09
At the inception of a capital lease, the guaranteed residual value should be?
Included as part of minimum lease payments at present value (capitalized as an asset by the lessor and as a liability by the lessee).
2333.02
How should one account for modified leases?
If the modification yields a new agreement as an operating lease, the lease should be classified as a sale-leaseback provisions of SFAS 98.