Question 8 (3 points) Listen Which ONE of the following statements is FALSE? For an operating lease, the lessee reports Lease Expense. For an operating lease, the lessor reports Lease Revenue and Depreciation Expense. For an operating lease, the lessor makes a journal entry at the beginning of the lease that includes debits to Lease Receivable and Deferred Lease Revenue. Question 9 (8 points) Listen On January 1, 2021, Wetick Co. leased equipment from South Co., which had purchased the equipment at a cost of $718,619. The lease specifies six annual payments of $150,000 beginning January 1, 2021 and at each December 31 thereafter through 2025. The six-year lease term is equal to the estimated useful life of the equipment. The lease specifies that the lease payments for each year will increase on the basis of the increase in the Consumer Price Index (CPI) for the year MacBook Air 0 3 000 DOO F4 FS F6 57 $ % &