Beruflich Dokumente
Kultur Dokumente
Problems
Concepts
for Analysis
15
1, 2
1, 2, 3,
5, 7, 8,
10, 11,
12, 13,
14
1, 2, 3, 4,
6, 7, 8, 9,
11, 12, 13,
14, 15, 16
1, 2, 3,
4, 5, 6
6, 7, 8, 11
4, 5, 6, 7,
9, 11, 12,
13, 14
1, 2, 3, 5,
7, 10, 13,
16
2, 4
10
6, 7, 8, 11
4, 5
5, 7
12, 13
10
6, 7
1, 3, 10,
13
*6.
15, 16,
17, 18
9, 10
1, 2, 3,
9, 10
6, 7, 10,
11, 13, 14,
15, 16
5, 6
*7.
Disclosure of leases.
19
2, 4, 5,
7, 8, 9
2, 5
*8.
Sale-leaseback.
20
Topics
Questions
*1.
1, 2
*2.
Lessees; classification
of leases; accounting by
lessees.
3, 4, 5, 7,
8, 12, 14
1, 2, 3,
4, 5, 9
*3.
Lessors; classification of
leases.
5, 6, 9, 10,
11
4.
5.
12
Exercises
15, 16
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21-1
Learning Objectives
Brief
Exercises
Exercises
Problems
1, 2, 3, 4
1, 2, 3,
5, 11
1, 3, 4, 6, 7,
8, 9, 11, 12,
14, 15, 16
5, 12,
13, 14
2, 15
6, 7, 8
12, 13, 14
2, 10, 13, 16
6, 7
4, 10
9, 10
8, 9
4, 9, 11, 12
9, 10
11
6, 7, 8, 9
1, 3, 10, 13
21-2
3, 4, 5, 7, 8
12
15, 16
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Item
Description
Level of
Difficulty
Time
(minutes)
E21-1
Moderate
1520
E21-2
Moderate
2025
E21-3
Moderate
2030
E21-4
Moderate
2025
E21-5
Simple
1520
E21-6
Moderate
1520
E21-7
Moderate
2025
E21-8
Moderate
2030
E21-9
Moderate
2030
E21-10
Moderate
1525
E21-11
Moderate
2030
E21-12
Simple
1020
E21-13
Simple
1520
E21-14
Simple
1520
*E21-15
Sale-leaseback.
Moderate
2030
*E21-16
Lessee-lessor, sale-leaseback.
Moderate
2030
P21-1
Simple
2025
P21-2
Simple
2030
P21-3
Moderate
3545
P21-4
Moderate
3040
P21-5
Moderate
3040
P21-6
Moderate
2535
P21-7
Moderate
2530
P21-8
Moderate
2030
P21-9
Moderate
2030
P21-10
Complex
3040
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21-3
P21-11
Complex
3040
P21-12
Moderate
4050
P21-13
Complex
3040
P21-14
Complex
3040
P21-15
Moderate
3040
P21-16
Complex
3040
21-4
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Description
Level of
Difficulty
Time
(minutes)
CA21-1
Moderate
1525
CA21-2
Moderate
2535
CA21-3
Moderate
2030
CA21-4
Moderate
1525
CA21-5
Moderate
3035
CA21-6
Moderate
2025
Sale-leaseback.
Moderate
1525
Item
*CA21-7
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21-5
LEARNING OBJECTIVES
1.
2.
3.
4.
5.
6.
7.
8.
9.
*10.
*11.
21-6
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
CHAPTER REVIEW
1. Many businesses lease substantial portions of the property and equipment they use in their
business organization as an alternative to ownership. Because leasing provides some
financial, operating, and risk advantages over ownership, it has become the fastest growing
form of capital investment. This increased significance of lease arrangements in recent
years has intensified the need for uniform accounting and complete informative reporting of
leasing transactions. Chapter 21 presents a discussion of the accounting issues related to
leasing arrangements from the point of view of both the lessee and the lessor. Among the
issues discussed are: (1) the classification of leasing arrangements, (2) the various
methods used in accounting for leases, and (3) the financial statement disclosure requirements
when leases are present.
The Leasing Environment
2. (L.O. 1)A lease is a contractual agreement between a lessor and a lessee that gives the
lessee the right to use specific property, owned by the lessor, for a specified period of time.
In return for this right, the lessee agrees to make rental payments over the lease term to the
lessor.
3. The lessors that own property include banks, captive leasing companies, and
independents.
Advantages of Leasing
4. In discussing the advantages of leasing arrangements, advocates point out that leasing allows
for: (a) 100% financing at fixed rates, (b) protection against obsolescence, (c) flexibility,
(d) less costly financing, (e) tax advantages, and (f) off-balance-sheet financing.
5. A variety of opinions exist regarding the manner in which certain long-term lease arrangements should be accounted for. These opinions range from total capitalization of all longterm leases to the belief that leases represent executory contracts that should not be
capitalized. The FASB requires capitalization of lease arrangements that are similar to
installment purchases. In short, lease arrangements that transfer substantially all of the risks
and rewards of ownership of property should be capitalized by the lessee.
Lessee Accounting - Capitalization Criteria
6. (L.O. 2)For accounting purposes of the lessee, all leases may be classified as operating
leases or capital leases. For a lease to be recorded as a capital lease, the lease must be
noncancelable and meet one of the following four criteria:
a. The lease transfers ownership of the property to the lessee at the end of the lease.
b. The lease contains a bargain-purchase option.
c. The lease term is equal to 75% or more of the estimated economic life of the leased property.
d. The present value of the minimum lease payments (excluding executory costs) equals
or exceeds 90% of the fair value of the leased property.
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21-7
If the lease meets none of the four criteria, the lease should be classified and accounted
for as an operating lease.
7. A bargain purchase option is a provision allowing the lessee to purchase the leased
property for a price that is significantly lower than the propertys expected fair value at the
date the purchase option becomes exercisable. The 75% of economic life test is based
on the belief that when a lease period equals or exceeds 75% of the assets economic
life, the risks and rewards of ownership are transferred to the lessee and capitalization is
appropriate. The reason for the recovery of investment test (90%) is that if the present
value of the minimum lease payments are reasonably close to the market price of the asset,
the asset is effectively being purchased. A major exception to the 75% and 90% rules is
when the inception of the lease occurs during the last 25% of the assets life. When this
occurs the 75% and 90% tests should not be used.
Capital Leases for Lessees
8. Under the capital lease method, the lessee treats the lease transaction as if an asset is
being purchased over time (installment basis). For a capital lease, the lessee records an
asset and a liability at the lower of (a) the present value of the minimum lease payments
during the term of the lease or (b) the fair value of the leased asset at the inception of the
lease. In determining the present value of the minimum lease payments, three important
concepts are involved: (a) minimum lease payments, (b) executory costs, and (c) the
discount rate.
9. Minimum lease payments include (a) minimum rental payments, (b) any guaranteed residual
value, (c) penalty for failure to renew or extend the lease, and (d) any bargain- purchase
option. Minimum rental payments are the minimum payments the lessee is obligated to
make to the lessor under the lease agreement. A residual value is the estimated fair value of
the leased property at the end of the lease term. The guaranteed residual value is (a) the
certain or determinable amount at which the lessor has the right to require the lessee to
purchase the asset, or (b) the amount the lessee or the third-party guarantor guarantees
the lessor will realize. This allows the lessor to transfer the risk of loss in the fair value of the
asset to the lessee.
10. If the lessee guarantees the residual value, the present value of this residual value should
be reported as part of the lease liability. If a bargain purchase option exists instead of
a guaranteed residual value, the lessee should increase the present value of the minimum
lease payments by the present value of the option price. In both the guaranteed residual value
and the bargain purchase option cases, the lessee is committed to making these payments,
and therefore the payments should be reported as an increase to the lease liability.
11. Executory costs include the cost of insurance, maintenance, and tax expense related to
the leased asset. If the lessor makes these payments, such amounts are not included in the
present value of the minimum lease payments.
21-8
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12. The lessee uses its incremental borrowing rate (discount rate) to compute the present
value of the minimum lease payments. This rate, often determined by the exercise of
professional judgment, is defined as the rate that, at the inception of the lease, the lessee
would have incurred to borrow the funds necessary to buy the leased asset. There is one
exception: If the lessee knows the implicit rate computed by the lessor, and that rate is
less than the lessees incremental borrowing rate, then the lessee must use the implicit
rate.
13. When the lessee uses the capital lease method, each lease payment is allocated between
a reduction of the lease obligation and interest expense applying the effective-interest
method. The lessee should amortize the leased asset by applying one of the conventional
depreciation methods. During the term of the lease, assets recorded under capital leases
are separately identified in the lessees balance sheet. Likewise, the related obligations are
separately identified with the portion due within one year or the operating cycle, whichever is
longer, classified with current liabilities and the balance with noncurrent liabilities.
14. A complete illustration of the accounting for a capital lease by the lessee is found in the
text. It is important to understand the preparation of the Lease Amortization Schedule.
This schedule provides the basis for the entire range of journal entries for the lease
transaction. The basic entries include: (a) initial capitalization which requires a debit to the
asset and a credit to the liability, (b) annual lease payments which include a debit to the
liability and a credit to cash, and (c) the annual depreciation entry. Of course, any interest
accrual or executory costs will also be recorded in connection with the lease obligation.
Asset and Liability Accounted for Differently
15. The rental payments to the lessor constitute a payment of principal plus interest. The
lessee records a capital lease as an asset and a liability at the lower of (1) the present
value of the minimum lease payments (excluding executory costs) or (2) the fair value of
the leased asset at the inception of the lease.
16. If the lease agreement transfers ownership of the asset or contains a bargain purchase
option, the leased asset is depreciated over its economic life. If the lease agreement has
no bargain purchase option or does not transfer ownership, it is depreciated over the
lease term.
17. When applying the effective-interest method to capital leases, the lessee uses the same
discount rate that was used to determine the present value of the minimum lease
payments.
18. When applying the effective-interest method to capital leases, the lessee must use the
same discount rate that determines the present value of the minimum lease payments.
Operating Leases for Lessees
19. In accounting for an operating lease, the lessee uses the operating method. The
periodic rent associated with the lease is recognized in the period benefited by the leased
asset. Under this method, the commitment to make future rental payments is not
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-9
recognized in the accounts. Only footnote recognition is given to the commitment to pay
future rentals. The journal entry the lessee includes a debit to Rent Expense and a credit
to Cash.
Comparison of a Capital Lease with an Operating Lease
20. (L.O. 3)While the total charges to operations are the same over the lease term whether the
lease is accounted for as a capital lease or as an operating lease, under the capital lease
treatment, the charges are higher in the earlier years and lower in the later years. If an
accelerated method of depreciation is used, the differences between the amounts charged
to operations under the two methods is even larger in the earlier and later years. The
following differences occur if a lease is accounted for as a capital lease instead of an
operating lease:
a. An increase in the amount of reported debt (both short-term and long-term),
b. An increase in the amount of total assets (specifically long-lived assets), and
c. A lower income early in the life of the lease and, therefore, lower retained earnings.
Accounting by Lessors
21. (L.O. 4)Three benefits available to the lessor are (a) competitive interest margins, (b) tax
incentives, and (c) high residual values.
22. For lessor accounting purposes, all leases may be classified as: (a) operating leases, (b)
direct-financing leases, or (c) sales-type leases. The lessor should classify and account
for an arrangement as a direct financing lease or a sales-type lease if at the date of the
lease agreement one or more of the following Group I criteria are met and both of the
following Group II criteria are met.
Group I
a. The lease transfers ownership of the property to the lessee at the end of the lease.
b. The lease contains a bargain-purchase option.
c. The lease term is equal to 75% or more of the estimated economic life of the leased property.
d. The present value of the minimum lease payments (excluding executory costs) equals
or exceeds 90% of the fair value of the leased property.
Group II
a. Collectibility of the payments required from the lessee is reasonably predictable.
b. No important uncertainties surround the amount of unreimbursable costs yet to be
incurred by the lessor under the lease.
21-10
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21-11
23. The distinction between a direct-financing lease and a sales-type lease is that a salestype lease involves manufacturers or dealers profit (or loss) and a direct financing
lease does not. The primary difference between applying the financing method to a directfinancing lease and applying it to a sales-type lease is the recognition of the manufacturers
or dealers profit at the inception of the lease. The profit or loss to the lessor is evidenced
by the difference between the fair value of the leased property at the inception of the
lease and the lessors cost or carrying amount (book value). All leases that do not qualify
as direct-financing or sales-type leases are classified and accounted for by lessors as
operating leases.
24. A lessor should account for an operating lease using the operating method. Under the
operating method, each rental receipt of the lessor is recorded as rent revenue on the
use of an item carried as a depreciable asset. The asset is depreciated in the normal
manner, with the depreciation expense of the period being matched against the rental
revenue.
Direct Financing Method (Lessor)
25. (L.O. 5)Leases that are in substance the financing of an asset purchase by the lessee are
called direct-financing leases. The lessee debits a lease receivable and credits the leased
asset account for the present value of the minimum lease payments. Minimum lease
payments includes:
a. Rental payments (excluding executory costs),
b. Bargain-purchase option (if any),
c. Guaranteed residual value (if any), and
d. Penalty for failure to renew (if any).
Special Accounting Problems
26. (L.O. 6)Leases have certain characteristics that create unique accounting problems,
including residual values, sales-type leases, bargain-purchase options, initial direct costs,
current versus noncurrent classification, and disclosure.
Residual Value
27. (L.O. 7)The residual value of a leased asset is the estimated fair value of the asset at
the end of the lease term. The residual value may be guaranteed or unguaranteed by the
lessee. A guaranteed residual value is said to exist when the lessee agrees to make up any
deficiency below a stated amount in the value of the asset at the end of the lease term.
A guaranteed residual value affects the lessees computation of the minimum lease
payments and, therefore, the amounts capitalized as a leased asset and a lease obligation.
The lessor assumes the residual value will be realized at the end of the lease term whether
guaranteed or unguaranteed.
21-12
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28. To understand the accounting implications of a guaranteed residual value, assume a lessee
guarantees the residual value of an asset will be $8,000. If, at the end of the lease, the
fair value of the residual value is less than $8,000, the lessee will have to record
a loss and make a payment for the difference. If the lessee depreciated the asset down to
its residual value of $8,000, but the fair value of the residual value was $5,000, the lessee
would have to record a loss of $3,000. If the fair value of the asset exceeds the $8,000, a
gain may be recognized. Gains on guaranteed residual values may be apportioned to the
lessor and lessee in whatever ratio the parties initially agree.
Sales-Type Leases
29. In a sales-type lease, the lessor records the sales price of the asset, the cost of goods
sold and related inventory reduction, and the lease receivable.
30. Under sales-type leases, the profit recorded by the lessor at the point of sale is the same
whether the residual value is guaranteed or unguaranteed, but the sales revenue and cost
of goods sold amounts are different. The present value of the unguaranteed residual value
is deducted from sales revenue and cost of goods sold.
Bargain-Purchase Option
31. A bargain-purchase option is a provision allowing the lessee, at his or her option, to
purchase the leased property at a price that is sufficiently lower than the expected fair value
of the property at the date the option becomes exercisable. When a bargain-purchase
option exists, the lessee must increase the present value of the minimum lease payments
by the present value of the purchase option price. The only difference between accounting
for a bargain-purchase option and a guaranteed residual value of identical amounts is in the
computation of the annual depreciation. In the case of a guaranteed residual value, the
lessee depreciates the asset over the lease life. When a bargain-purchase option is
present, the lessee uses the economic life of the asset in computing depreciation.
Initial Direct Costs
32. Initial direct costs are the costs incurred by the lessor that are directly associated with
negotiating and consummating a completed leasing transaction. There are two types of
initial direct costs, incremental direct costs and internal direct costs. Incremental direct
costs are costs incurred in originating a lease arrangement that are paid to third parties.
Internal direct costs are costs directly related to specified activities performed by the
lessor on a given lease. When an operating lease is present, the initial direct costs are
deferred and amortized over the life of the lease in proportion to rental income. In a salestype lease, these costs are expensed in the period that profit on the sale is recognized.
For direct-financing leases, initial direct costs are added to the net investment in the lease
and amortized over the life of the lease as a yield adjustment.
Lease Disclosure Requirements
33. (L.O. 9)The disclosure requirements for lessors and lessees vary depending upon the
type of lease. The required disclosures provide investors with the following information:
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21-13
21-14
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21-15
LECTURE OUTLINE
The material in this chapter can be covered in four class periods. Students generally are unfamiliar
with lease terminology; therefore, it might be beneficial to discuss concepts and terminology
before demonstrating the technical aspects of recording leases. Illustrations 21-3, 21-5, 21-6,
and 21-7, demonstrate the lease accounting entries made by both the lessee and lessor and
they are all based on the same example data.
A. (L.O. 1)Leases.
1.
Definition. Contractual agreement between a lessor and a lessee that gives the lessee
the right to use specific property, owned by the lessor, for a specified period of time. In
return for the use of the property, the lessee makes rental payments over the lease term
to the lessor.
2.
3.
4.
b.
c.
d.
5.
6.
Basic premise of lease accounting. Substance over form. Leases that transfer sub stantially all the benefits and risks of property ownership should be capitalized
provided the lease is non-cancelable.
21-16
Capitalization criteria.
a.
b.
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c.
d.
Illustration 21-1 lists the lessees capitalization criteria. Illustration 21-2 provides a flowchart that summarizes the accounting for leases by the lessee.
2.
Capital Lease Method.Asset and liability recorded at lower of (1) PV of the minimum
lease payments or (2) FV of the leased asset.
TEACHING TIP
Illustration 21-3 provides a numerical example of the entries made by a lessee for
a capital lease. Entries made by the lessor are also provided for comparative purposes.
a.
b.
Residual value.The estimated fair value of the property at the end of the lease term.
1.
Guaranteed residual value. The guaranteed residual value is either (1) the
certain or determinable amount that lessee will pay the lessor at the end of
the lease to purchase the leased asset at the end of the lease, or (2) the
amount the lessee or the third party guarantees that the lessor will realize if
the aircraft is returned.
2.
c.
d.
To recognize a capital lease, the lessee must debit an asset account and credit a
liability at the lower of the present value of the minimum lease payments or the
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21-17
21-18
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
b.
Depreciate the leased asset over the economic life of the leased asset if the lease
agreement transfers ownership of the leased asset, or it contains a bargainpurchase option. Otherwise, depreciate over the lease term.
c.
D. Operating Method:
a.
The lessee assigns rent to the periods benefiting from the use of the asset and
ignores, in the accounting, any commitments to make future payments.
b.
c.
The lessee must disclose all operating leases that have noncancelable terms in
excess of one year.
2.
3.
A lower income early in the life of the lease and, therefore, lower retained earnings.
F. (L.O. 4)Lessors.
1.
2.
Benefits.
a.
Interest revenue.
b.
Tax incentives.
c.
Group 1 Criteria:
1.
2.
3.
The lease term is equal to 75 percent or more of the estimated economic life
of the leased property.
4.
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21-19
costs) equals or exceeds 90 percent of the fair value of the leased property.
21-20
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
b.
Group 2 Criteria:
1.
2.
Illustration 21-4 lists the lessors capitalization criteria for a direct-financing lease or salestype lease.
c.
Operating Leases.
d.
Direct-Financing Leases.
e.
3.
Operating Method.Rental revenue is recognized as the lessee uses the property. The
leased asset remains on the lessors books and is depreciated.
4.
Illustration 21-3 provides a numerical example of the entries made by a lessor for a directfinancing lease. Entries made by the lessee are also provided for comparative purposes.
a.
Lease receivable is equal to the present value of the minimum lease payments.
The lessor uses the effective-interest method to allocate each lease payment to
interest revenue and principal.
Residual Values.
a.
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21-21
TEACHING TIP
Illustration 21-6 provides a numerical example of the entries made by both the lessee and
the lessor when a residual value is guaranteed.
Illustration 21-7 provides a numerical example of the entries made by both the lessee and
lessor when a residual value is not guaranteed.
b.
2.
Lessee. The computation of the minimum lease payments includes the guaranteed
residual value and becomes part of the capitalized amount of the leased asset and the
related obligation.
3.
Lessor. Guaranteed residual is considered part of sales revenue. The present value
of the unguaranteed residual value is deducted from sales revenue and cost of goods
sold.
H. Sales-Type Leases.
TEACHING TIP
Illustration 21-5 provides a numerical example of the entries made by a lessor for a salestype lease. Entries made by the lessee are also provided for comparative purposes.
1.
2.
21-22
b.
Manufacturers or dealers gross profit.The difference between sales price and cost
of goods sold.
a.
b.
c.
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Illustration 21-8 summarizes the treatment of selected special items in lease accounting.
K. Current versus Noncurrent. GAAP requires that for the lessee, the obligations shall be
separately identified on the balance sheet as obligations under capital leases and shall be
subject to the same considerations as other obligations in classifying them with current and
noncurrent liabilities in classified balance sheets.
1.
For annuity due situations the current liability/current asset includes both the principal
reduction and the interest incurred/earned in the preceding period.
2.
For ordinary annuity situations, only the principal reduction is shown as a current
liability/current asset.
2.
2.
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21-23
3.
21-24
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*O.
Any gain should be deferred and amortized over the lease term if the seller-lessee
retains substantially all of the rights to use the property. Losses are recognized
immediately.
b.
If the seller-lessee retains only a minor portion of the rights to use the property,
any gain should be recognized.
c.
Differences
a. One difference in lease terminology is that finance leases are referred to as capital
leases in GAAP.
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21-25
21-26
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ILLUSTRATION 21-1
LESSEES CAPITALIZATION CRITERIA
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21-27
ILLUSTRATION 21-2
FLOWCHART FOR LESSEES
21-28
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ILLUSTRATION 21-3
LESSEECAPITAL LEASE
LESSORDIRECT-FINANCING LEASE
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21-29
21-30
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21-31
ILLUSTRATION 21-4
LESSORS CAPITALIZATION CRITERIA FOR
DIRECT FINANCING AND SALES-TYPE LEASES
21-32
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-33
ILLUSTRATION 21-5
LESSORSALES-TYPE LEASE
LESSEECAPITAL LEASE
21-34
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-35
ILLUSTRATION 21-6
GUARANTEED RESIDUAL VALUE:
LESSEECAPITAL LEASE
LESSORDIRECT-FINANCING LEASE
21-36
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-37
21-38
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-39
ILLUSTRATION 21-7
UNGUARANTEED RESIDUAL VALUE:
LESSEECAPITAL LEASE
LESSORDIRECT-FINANCING LEASE
21-40
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-41
21-42
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)
21-43
ILLUSTRATION 21-8
TREATMENT OF SELECTED ITEMS IN
ACCOUNTING FOR LEASES
21-44
Copyright 2013 John Wiley & Sons, Inc.Kieso, Intermediate Accounting, 15/e Instructors Manual(For Instructor Use Only)