The following are some of the characteristics of an asset available for lease:
Required:
a.Determine the amount of lease payment that the lessor would require to lease the asset.
b.Compute the present value of minimum lease payments for the lessee.
c.Compute the present value of minimum lease payments for the lessor.
d.Evaluate whether the lessee should classify the lease as operating or capital lease using the quantitative guidelines in ASPE.
Definitions:
Purchasing
The buying of all the materials needed by the organization; also called procurement.
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