D 108 reporting gain on a sale leaseback d 109

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d *108. Reporting gain on a sale-leaseback. d *109. Accounting for the gain on a sale-leaseback. EXERCISES Item Description E21-110 Capital lease (essay). E21-111 Capital lease amortization and journal entries. E21-112 Operating lease. E21-113 Lease criteria for classification by lessor. E21-114 Direct-financing lease (essay). E21-115 Lessor accounting—sales-type lease. *E21-116 Lessee and lessor accounting (sale-leaseback). *E21-117 Sale-leaseback. 21 - 3
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Test Bank for Intermediate Accounting, Thirteenth Edition PROBLEMS Item Description P21-118 Lessee accounting—capital lease. P21-119 Lessee accounting—capital lease. P21-120 Lessor accounting—direct-financing lease. CHAPTER LEARNING OBJECTIVES 1. Explain the nature, economic substance, and advantages of lease transactions. 2. Describe the accounting criteria and procedures for capitalizing leases by the lessee. 3. Contrast the operating and capitalization methods of recording leases. 4. Identify the classifications of leases for the lessor. 5. Describe the lessor's accounting for direct-financing leases. 6. Identify special features of lease arrangements that cause unique accounting problems. 7. Describe the effect of residual values, guaranteed and unguaranteed, on lease accounting. 8. Describe the lessor's accounting for sales-type leases. 9. List the disclosure requirements for leases. *10. Understand and apply lease-accounting concepts to various lease arrangements. *11. Describe the lessee's accounting for sale-leaseback transactions. 21 - 4
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Accounting for Leases SUMMARY OF LEARNING OBJECTIVES BY QUESTIONS Ite Typ Ite Typ Ite Typ Ite Typ Item Typ Ite Typ Ite Typ Learning Objective 1 1. TF 2. TF 21. MC 22. MC 23. MC 24. MC S 25. MC Learning Objective 2 3. TF 30. MC 55. MC 63. MC 70. MC 77. MC 103. MC 4. TF 31. MC 56. MC 64. MC 71. MC 91. MC 104. MC 5. TF 32. MC 58. MC 65. MC 72. MC 96. MC 105. MC S 26. MC 33. MC 59. MC 66. MC 73. MC 97. MC 110. E P 27. MC 52. MC 60. MC 67. MC 74. MC 100. MC 111. E 28. MC 53. MC 61. MC 68. MC 75. MC 101. MC 118. P 29. MC 54. MC 62. MC 69. MC 76. MC 102. MC 119. P Learning Objective 3 6. TF 7. TF 34. MC P 35. MC 81. MC 82. MC 112. E Learning Objective 4 8. TF 36. MC 57. MC 83. MC 116. E 9. TF 37. MC 78. MC 94. MC Learning Objective 5 10. TF 38. MC 79. MC 84. MC 113. E 120. P 11. TF S 39. MC 80. MC 95. MC 114. E Learning Objective 6 12. TF 13. TF 85. MC 119. P Learning Objective 7 14. TF 16. TF 41. MC 87. MC 120. P 15. TF S 40. MC 86. MC 88. MC Learning Objective 8 17. TF 42. MC 45. MC 90. MC 105. MC 113. E 18. TF S 43. MC 46. MC 92. MC 106. MC 115. E 19. TF P 44. MC 89. MC 93. MC 107. MC Learning Objective 9 20. TF 47. MC 48. MC Learning Objective 11* 49. MC 51. MC 99. MC 109. MC 117. E 50. MC 98. MC 108. MC 116. E Note: TF = True-False MC = Multiple Choice E = Exercise P = Problem 21 - 5
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Test Bank for Intermediate Accounting, Thirteenth Edition TRUE-FALSE —Conceptual 1. Leasing equipment reduces the risk of obsolescence to the lessee, and passes the risk of residual value to the lessor. 2. The FASB agrees with the capitalization approach and requires companies to capitalize all long-term leases.
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