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In Canada, lessors are usually these following types of companies, except for a. traditional financial institutions. b. crown financings corporations. c. manufacturer finance companies. d. independent finance companies. If all criteria are met for a capital lease and the Lessor has fair value of leased asset = carrying value at lease inception, is it TRUE to say this is a sales-type lease? Select one: True False If the Lessor concludes a lease to be operating, what journal entry is needed? a. A journal entry to set up the ROU Asset and Lease Liability at lease inception. b. A journal entry to record interest income as lease payments are collected over the lease term. c. A journal entry to record rental income for each lease payment collected over the lease term. d. A journal entry to record rental expense for each lease payment made over the lease term. From the Lessor perspective, there will always be a capital (financing) lease. Select one: True False For a lessor, which of the following would NOT be included in the Gross Investment in Lease (Lease Receivable)? a. bargain purchase option b. guaranteed residual value c. executory costs d. unguaranteed residual value