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On March 1,2013,Lana leases and places in service a passenger automobile.The lease will run for five years and the payments are $500 per month.During 2013,she uses her car 60% for business and 40% for personal activities.Assuming the dollar amount from the IRS table is $20,determine Lana's inclusion as a result of the lease.
Ownership Percentage
The share of ownership interest a person or entity holds in a company, typically expressed as a percentage of the outstanding shares.
Acquisition Method
The method used in accounting for assets acquired and liabilities assumed in a business combination.
Consolidated Balance Sheet
A financial report that amalgamates the total assets, liabilities, and shareholders' equity of a parent organization and its subsidiaries.
Total Stockholders' Equity
The total net values attributed to the owners of a corporation, calculated as the difference between total assets and total liabilities.
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