When a City Enters into a Capital Lease for a Fixed

question 42

Multiple Choice

When a city enters into a capital lease for a fixed asset for the general government,

• A)government-wide statements will report the asset and liability for the leased asset.
• B)government-wide statements will not report the liability,Capital Lease Obligation.
• C)governmental fund statements will report a fixed asset.
• D)governmental fund statements will report a liability,Capital Lease Obligation.

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