According to the FA5B-issued statement 13, which of the following statements is true? The present value of all past lease payments should be reported as a liabality on the balance sheet. Assets leased under financial or capital leases should be reported as fixed assets on the balance sheet. The present value of all future lease payments should be reported as assets on the batance sheet. Leased assets should ber reported as cuirent assets on the balance sheet. Consider the following statement on capatal leases: It a lease term is more than 80% of the assets ise and the leased property is transferred from the lessor to the lessec, then the lease mint be capitalized and disclased on a firms balance sheet. 1s the oreceding statement true or false? True ralse To consider the financiat statement effects of lesing versus purctusing an asset, review the following case of scorecard Corparatich Storecard Corporation necds equipment that wit cout the company 5240. scorecard Corporabon is considering to ether burchase the equipment by Some data fiom scarecard corporadion's curtent balance shent priat to the lesse of purchane of the equipment are: 1. The cempany current deet ratio is 2. if the company purchases the equathent by taking a has, the total debe in the balance stove wit - and the fiebt moje will change fal becasuse de lease is not capithised. 4. In this cate, the comparyyt fitancigl risk will be under a lease digrocment as compared to the hatantial mik in porchasing the equiprient by takina a fosa. 5. Howerec, if the lesse is captalized, the finatidit tak under the lease agreemenc wit be toquenment