When a lease for an asset is signed for a long-term, a. an asset and liability...

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When a lease for an asset is signed for a long-term, a. an asset and liability are recognized on the balance sheet. b. a liability is recognized on the balance sheet and a rent expense is recorded on the income statement. Oc. an asset is recognized on the balance sheet and a rent expense is recorded in the income statement. d. no assets or liabilities are recognized on the balance sheet. When a lease for an asset is signed for a long-term, a. an asset and liability are recognized on the balance sheet. b. a liability is recognized on the balance sheet and a rent expense is recorded on the income statement. Oc. an asset is recognized on the balance sheet and a rent expense is recorded in the income statement. d. no assets or liabilities are recognized on the balance sheet.