From the perspective of the lessee, leases may be classified as either A. Direct financing or sales-type. B. Capital or direct financing. C. Capital or operating D. Direct financing or operating. 14.. The lessee normally measures the lease liability to be recorded as the A. Future value of the minimum lease payments. B. Sum of the cash payments over the term of the lease. C. Present value of the minimum lease payments. D. Fair market value of the leased asset. 15. Recording a sales-type lease is similar to recording A. A purchase on account. B. An exchange of assets C. A sale of a fixed asset. D. A sale of merchandise on account.
|Capital or Operating|
|present value of the minimum lease payments|
|sale of merchandise on account|