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The text authors close their final chapter with a call for:
Lease Inception
The point in time at which a lease agreement is initiated or executed between the lessor and the lessee.
Capital Lease
A lease classified as a purchase by the lessee, allowing for the asset and liability to be recorded on the balance sheet.
Depreciation Expense
The allocation of the cost of a tangible asset over its useful life, recognizing the decrease in value over time.
Lease Payments
Regular payments made by a lessee to a lessor for the use of an asset over a specified period.
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