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A lease that is less than 12 months in duration may be classified as long-term if there are substantial penalties for non-renewal. True False The
A lease that is less than 12 months in duration may be classified as long-term if there are substantial penalties for non-renewal. True False The lessee measures the cost of a right-of-use asset and the corresponding lease liability as the: fair market value of the leased asset. future value of the periodic rental payments. sum of the annual cash payments to be made during term of the lease. present value of the periodic rental payments. ly
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