Calculator Interest during Construction Under which of the following conditions may a company capitalize the interest incurred? I. An asset that is ready for its intended use. II. An asset being constructed as a discrete project for lease to another company. a. I and II. b. I only. c. II only. d. Neither I nor II. Accounting Differences Based on Type of Lease When a lessor records a sales-type lease: a. The net receivable is equal to the present value of the future lease payments to be received. b. No sales revenue or expense is recognized. c. The lessor recognizes a manufacturer's (dealer's) profit or loss. d. All of the choices are correct. Calculator Acquisition of Asset in Exchange for Securities When a company exchanges its own common stock for an asset, the acquisition cost of the asset is: I. The par value of the common stock issued II. The book value of the asset acquired a. Either I or II, whichever is more clearly evident and representationally faithful. b. Neither I nor II. c. II only. d. I only