The Lease Liability account should be disclosed as

Question

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The current portion of the lease liability, which is the amount due within the next year, should be classified as a current liability. The remainder of the lease liability, which is the amount due beyond the next year, should be classified as a noncurrent liability. Therefore, the lease liability account should be disclosed as current portions in current liabilities and the remainder in noncurrent liabilities.

The Lease Liability Account Should Be Disclosed as