Canin Cranes Co. leased an asset under the following terms: The lessee's entry to record the leased asset and lease acquired would include a
A) debit to right-of-use for $35,500.
B) debit to right-of-use for $40,000.
C) credit to lease liability for $7,500.
D) credit to lease payable for $7,500.

Question

Canin Cranes Co. leased an asset under the following terms:  The lessee's entry to record the leased asset and lease acquired would include a
A) debit to right-of-use for $35,500. 
B) debit to right-of-use for $40,000. 
C) credit to lease liability for $7,500. 
D) credit to lease payable for $7,500.

Quizplus · Accepted Answer

The Answer of Canin Cranes Co. leased an asset under the following terms:  The lessee's entry to record the leased asset and lease acquired would include a
A) debit to right-of-use for $35,500. 
B) debit to right-of-use for $40,000. 
C) credit to lease liability for $7,500. 
D) credit to lease payable for $7,500.