10. Laster City recorded a 20-year building rental agreement as a capital lease. An asset for the building lease was recorded in the general fixed assets account group. Where should the lease...


10. Laster City recorded a 20-year building rental agreement as a capital lease. An asset for the building lease was recorded in the general fixed assets account group. Where should the lease liability be reported?


a. In the general long-term debt account group


b. In the debt service fund


c. In the general fund


d. A lease liability should not be reported.



Jan 11, 2022
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