Question
Presented below are three different lease transactions that occurred for Ruggiero Inc. in 2014. Assume that all lease contracts start on January 1, 2014. In
| Presented below are three different lease transactions that occurred for Ruggiero Inc. in 2014. Assume that all lease contracts start on January 1, 2014. In no case does Ruggiero receive title to the properties leased during or at the end of the lease term.
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Instructions
Which of the leases are operating leases and which are capital leases? Explain. | |
How should the lease transaction for Hester Co. be recorded in 2014? |
How should the lease transaction for Judson Delivery be recorded on January 1, 2014? |
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