ACCT 013

a.    You do not need to consider ever recording leases

b.    You do not need to consider passed adjustments in audits/reviews

c.    You must reevaluate materiality and passed adjustments each year

a.    Net investment in operating lease receivables should be recorded

b.    Operating leases do NOT DErecognize the PP&E asset

c.    Sales-type leases do NOT DErecognize the PP&E asset

a.    The elimination entry will balance, regardless of how the lessor recorded the lease

b.    The elimination entry will not balance unless a receivable was on the lessor’s books

c.    There should not be an elimination entry

a.    Use Lessee Ledger to calculate leases, and disclosures

b.    Use TValue and summarize the information

c.    Create your own method

a.    Change existing to memo if we do a PPT

b.    Delete them all

c.    Nothing for existing ones; do not add new ones