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51. Which of the following is not an indication a leact is a finance lease? A The lease transfers ownership of the awet to the lessee at the end of the lease B) The lease term is fer a shon part of the eqoncemic life of the asset C. The leased assets are specialined in nature D The pessent value of minimum lease payment amosets to substasially all of the fair valae of the asset 52. Flight-of-use awet is initially measured basically at the amount of the lease liability (present value of lease payments not paid) plus any direet eests incurred by the lessee less any incrative received. A Trae H Falle 53. Leave liahility is incasured at the future value ef the lease payments payable over the lease term, diseounted at the rate implicit in the lease A True B. Falue 54. Right-0f-ase awset bo shous en the debit side of the balanee sheet is asd is instially mteasured as ... A The cunctit fair market valus of the asset being leased B. The current fair market value of the asset being leaned less the expected residual value C. The pecsent value of the minimum lease payments gayable ever the leane period plus any initial direct cost D) The present value of the maximum lease payments over the lease period 55. A cempany has leased a vehicle and acceunted for the transaction as a finance lease. At the cemmencement ef the lease term the amount recorded by the cumpany as a liabilisty should normally: A Excecd the total of the minimum lease payments B Exeed the present value of the minimum lease puynents at the beginning of the leare C Fqual the total of the minintum lease payment D) Equal the present value of the minimum lease payments at the beginning of the lease 56. Operating leases are moatly agreements A |leng term B Medium ierm C Short verm D Verbal 57. The following in forasation mast be used te answer the nest three questions: fohan lones (Lessee) cotered into an operating lease agreement with Mary Boown (Lessoe) for a five year lease of an equipment that has a uscful life of six years. to obtain the lease John incurs ininial direct cost of 51,000 . The annual leave payment is 5,000 and the present valae of the lease payments is $22,730. In fohrs' (lesrec's + books state the following: What ameunt will be initially recognised as the Right-of-use asset A 530.000 B 531,000 c s22,730 55. Dhat entry wi bil be made for the initial recognition ameunt A Dr Right-of -use asset Cr Loase Liability D. De Lease Liability Cr Right-of-use asset C De Righi-of-uce assea Cr Cash D Dr Cash Cr Leaso Liability 59. In Johns' (lessec's) books what entry will be made for initial direct cest A De Right-od-eue asset Cr Cabh 3 Dr Right-of-ease assel Cr Lease Liability C Dr Cash Cr Lease Liability D Dr Lease Labilify Cr Cash 60. The depreciatioe ef the equipmest oser the period of the lease byc A $6,000 Is 55,000 \begin{tabular}{l|l} C & 4,546 \\ D & 5,746 \end{tabular}