Listen Which ONE of the following statements is FALSE? When a sales-type lease with a selling profit includes periodic lease payments and a residual value, the sales revenue is the present value of only the periodic lease payments. The lessor's gross investment in the lease equals the sum of lease payments and the residual value. For the lessor, total lease payments plus residual value plus total interest revenue equals lease payable at the beginning of the lease. Question 20 (8 points) Listen On January 1, 2021, Cafe leased equipment from Crescent Co. under a nine-year lease. The lease specifies annual payments of $25,000 beginning January 1, 2021 and each December 31 thereafter through 2028. The equipment was recently purchased by Crescent at a cost of $180,000 (its fair value) and was expected to have a useful life of 13 years with no salvage value at the end of its life. The lease is deemed to be an operating lease. Identify the following statements that are TRUE regarding Crescent's accounting for MacBook Air