1. Under GAAP rules that become applicable for fiscal years starting before Dec. 16, 2016, the appropriate asset value reported in the balances sheet by the lessee for an operating lease is:

A. Present value of the minimum lease payments

B. Sum of the minimum lease payments

C. Fair value of the asset at the inception of the lease.

D. Zero, unless a prepayment or accrual is involved.

2. Under GAAP rules that become applicable for fiscal years starting after Dec. 15, 2016, the appropriate asset value reported in the balances sheet by the lessee for an operating lease is:

A. Present value of the minimum lease payments

B. Sum of the minimum lease payments

C. Fair value of the asset at the inception of the lease.

D. Zero, unless a prepayment or accrual is involved.