Solved: How should the lease transaction for jansen delivery be, Accounting Basics

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How should the lease transaction for jansen delivery be

Presented on the next page are three different lease transactions that occurred for Kear Inc. in 2010. Assume that all lease contracts start on January 1, 2010. In no case does Kear receive title to the properties leased during or at the end of the lease term.

Instructions

(a) Which of the leases above are operating leases and which are capital leases? Explain.

(b) How should the lease transaction for Flood Co. be recorded in 2010?

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Accounting Basics: How should the lease transaction for jansen delivery be

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