The following are characteristics of a lease:
Required:
Determine the appropriate classification for this lease for the lessor (who is not the manufacturer)and record the journal entries for the lessor for the first year of the lease.
Definitions:
Bailee
A person or entity entrusted with custody of property belonging to another.
Negligent
Failing to take proper care in doing something, leading to damage or harm to someone else.
Due Care
Due care refers to the effort made by an individual or entity to avoid harm to another party, often evaluated as the care a reasonable person would exercise under similar circumstances.
Ordinary Bailments
Agreements where personal property is transferred from one party to another, with the intention of returning the property after a certain period or purpose.
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