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Unformatted text preview: Lease term is 75% or more of the expected life of the asset ï‚· Ownership is transferred to the lessee at the end of the term ï‚· Contract allows the lessee to purchase the asset at a price lower than market value ï‚· Present value of the lease payment is 90% or more of the market value of the asset when contract is signed Acct 101 L12, L13, L16 Handout #09 2 ï‚§ E 9-4 Nov. 1 Dec. 31 April. 30 ï‚§ Present Value...
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- Fall '08
- Revenue, Generally Accepted Accounting Principles, Liabilities Current Liabilities