QUESTION 14 In computing the present value of the lease payments, the lessee should: use its incremental borrowing rate in all cases. use both its incremental borrowing rate and the implicit rate of the lessor, assuming that the implicit rate is known to the lessee. use the implicit rate of the lessor, assuming that the implicit rate is known to the lessee. use the lessor's implicit rate in all cases. QUESTION 15 Cash equivalents are: treasury bills, commercial paper, and money market funds purchased with excess cash. investments with original maturities of three months or less. readily convertible into known amounts of cash. all of these