Which of the following is not a correct description of how an operating lease is...
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Accounting
Which of the following is not a correct description of how an operating lease is recognized on thefinancial statements?A lease liability is recognized on the balance sheet and represents the present value of all remaininglease payments.The amortization expense of the rightofuse asset and the interest expense on the lease liability are recorded as a single item called lease expense on the income statement.The interest expense is calculated based on the outstanding lease liability balance.The amortization expense of the rightofuse asset is calculated using the straightline depreciationmethod over the lease term.
Which of the following is not a correct description of how an operating lease is recognized on thefinancial statements?A lease liability is recognized on the balance sheet and represents the present value of all remaininglease payments.The amortization expense of the rightofuse asset and the interest expense on the lease liability are recorded as a single item called lease expense on the income statement.The interest expense is calculated based on the outstanding lease liability balance.The amortization expense of the rightofuse asset is calculated using the straightline depreciationmethod over the lease term.
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