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3. In an operating lease that is longer than 1 year but does not meet the criteria for being recognized as a finance lease: A)

3. In an operating lease that is longer than 1 year but does not meet the criteria for being recognized as a finance lease: A) the lessee records an asset and a liability for the present value of lease payments. B) the lessor records a receivable for the present value of lease payments. C) the lessee records an asset and a liability for the total of the lease payments. D) the lessor records interest revenue

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