28 Which one of the following is a correct statement of one of the indicators of a finance lease? A. The lease transfers ownership of the property to the lessor. B. The lease contains a purchase option. C. The lease term is for the major part of the economic life of the leased property. D. The minimum lease payments (excluding executory costs) equals or exceeds 90% of the fair value of the leased property.

28 Which one of the following is a correct statement of one of the indicators of a finance lease? A. The lease transfers ownership of the property to the lessor. B. The lease contains a purchase option. C. The lease term is for the major part of the economic life of the leased property. D. The minimum lease payments (excluding executory costs) equals or exceeds 90% of the fair value of the leased property.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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