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Which of the following is correct with respect to ASU 842 for lease accounting? Multiple Choice It allows the lessee to decide what borrowing rate

Which of the following is correct with respect to ASU 842 for lease accounting?

Multiple Choice

It allows the lessee to decide what borrowing rate to use to value the lease obligation.

It is mandatory for fiscal years beginning after December 15, 2020 and may not be adopted early.

It retained the distinction between operating and finance leases for lessees.

It requires the lessee to record a prepaid asset and a lease liability.

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