Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter20: Accounting For Leases
Section: Chapter Questions
Problem 4GI: What is a substitution right, and when does that right result in a contract not being a lease?
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Question
What is meant by “loss to lease”? Explain?
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Step 1
Loss to lease: It is the term used in Real Estate in leasing of property mainly apartment complexes, residential property etc. It is the difference between the total market rent and the actual rent that is specified in the contract document of lease or rent.
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