Question $3(1$ point$)$

Geisler Company leased a building from Ryan Company for $5$ years. The first year of the lease was forgiven with payments beginning in the second year. No journal entry is required until the second year.

Question $3$ options:

True

False

Question $4(1$ point$)$

A journal entry is not required for either the lessor or lessee under ASPE when an operating lease is initiated unless there is an advance payment, such as a lease bonus or prepayment of rent in addition to the periodic rents.

Question $4$ options:

True

Fals