Question 14 (1 point) Off Books Inc. (OBI) leases a piece of sanding machinery to a lessee on March 20, 2020. The details of the arrangement are as follows: The lease term is five years. The payments of $13,190 are due annually on March 20 each year. The first payment is due on March 20, 2020. The FV of the machinery is $55.000, and it has a useful life of seven years. There is no BPO or guaranteed residual value at the end of the lease. The rate implicit in the lease is 10% and the lessee's IBR is 12%. OBI reports using the IFRS framework. Which of the following statements correctly supports OBI's classification of this lease as a finance lease? a) The present value of the minimum lease payments is substantially all of the FV of the asset. b) The lease term is for a major part of the asset's economic life. c) The title will transfer automatically at the end of the lease. d) The asset is specialized in nature and only the lessee can use it without major modifications. Question 15 (1 point) On January 1, 2020, Local Builders Inc. (LBI) leased a new excavator from Bear Corp. The fair market value of the excavator on January 1, 2020, is $490,000. Relevant details regarding the lease agreement are as follows: Tanvir Dhaliwal: Attempt 1 Question 22 (1 point) Ryan Corp. (RC), a public company, entered into a five-year lease with Susie's Pet Co. (SPC) on June 1, 2020, for office space. RC will receive the monthly payments of $2,300 on the first of each month. The lease provides free rent for the first three months of the lease, so the first payment from SPC is due on September 1, 2020. RC has determined the lease to be an operating lease. What amount of revenue will RC record on July 1, 2020? a) $2,300 b) $2.185 O c) $0 d) $1.725 Question 23 (1 point) Which of the following must be included in a lessor's note disclosure for a finance lease under IFRS? a) Additions to ROU assets during the year. b) A maturity analysis for lease liabilities. c) A maturity analysis of lease payments detailing the lease payments to be received from all leases. d) Lease income for the period arising from finance leases