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Respond to the following in a minimum of 175 words: A lessee should classify a...

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Accounting

Respond to the following in a minimum of 175 words:

A lessee should classify a lease transaction as a finance lease if it is noncancelable and one or more of the five classification criteria are met. Otherwise, it is an operating lease. What are these criteria? Provide 2-3 reasons why a company would choose to lease an asset versus purchasing?

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