Question 9 2.5 pts Which of the following statements regarding accounting for leases is true? If the lease term is one year or longer, a liability must be recognized. Lease accounting rules will result in more assets and liabilities being recognized on the balance sheet. Leasing will likely remain popular because leases do not require a large initial outlay of cash. All of these are correct. None of these are correct. Question 10 2.5 pts Dark Thunder offers 1-year warranties to its customers on products that it sells in case there is a defect in the manufacturing process. When Dark Thunder sales the product, it should adjust its financial statement as follows: Recognize revenue for the net revenue (sales price less anticipated warranty claims) for the anticipated amount of future claims customers may make on the sale recorded in the current period. Record an expense in the income statement and a liability in the balance sheet for the anticipated amount of future claims customers may make on the sale recorded in the current period. Record revenue in the income statement and a liability in the balance sheet for the anticipated amount of future claims customers may make on the sale recorded in the current period. Record revenue and expense in the income statement for the anticipated amount of future claims customers may make on the sale recorded in the current period. O O None of these are correct