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1.Describe the following terms: (a) residual value, (b) guaranteed residual value, and (c) initial direct costs. 2.Explain the following concepts: (a) bargain purchase option and
1.Describe the following terms: (a) residual value, (b) guaranteed residual value, and (c) initial direct costs.
2.Explain the following concepts: (a) bargain purchase option and (b) bargain renewal option.
3.What payments are included in the lease liability?
4. Describe the accounting procedures involved in applying the operating lease method by a lessee.
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