When the total expenses over the life of an operating lease are compared to the total expenses over the life of a finance lease, one will find that: A The expenses of a finance lease are greater than the expenses of the operating lease B/ The expenses of the finance lease and operating lease are equal C/ The expenses of an operating lease are greater that the expenses of a finance lease D/ No meaningful comparison can be made On January 1, 2019 Salvatore Company leased several machines from Nola Corporation under a 3-year OPERATING LEASE. The lease calls for semiannual payments of $15,000 each, payable on June 30 and December 31 of each year. The machines were acquired by Nola at a cost of $90,000 and are expected to have a useful life of 5 yrs. 32 The appropriate journal entry for the LESSOR at December 31, 2019 would include recording Rent Revenue AND Depreciation. (True False%) Tor F? Temporary differences between Accounting Income and Tax Income create future taxable amounts or future deductible amounts. Next to each statement below indicate whether the statement creates a future taxable amount (FTA) or a future deductible amount (FDA). 33/ Revenues or gains reported on the tax return after the income statement. Expenses or losses reported on the tax return after the income statement Expenses or losses reported on the tax return before the income statement Revenues or gains reported on the tax return before the income statement A company reports pretax accounting income of $10 million, but because of a single temporary difference, taxable income is only $7 million. No temporary differences existed at the beginning of the year, and the tax rate is 40 %. Prepare the appropriate journal entry to record income taxes. Account Name Debit it 371 Credit 38