AICPA每日一练之FAR【2016-2-21】

高顿网校2016-02-19 10:37Lynn.yu
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For a capital lease, the amount recorded initially by the lessee as a liability should

A. Exceed the present value at the beginning of the lease term of minimum lease payments during the lease term.

B. Exceed the total of the minimum lease payments during the lease term.

C. Not exceed the fair value of the leased property at the inception of the lease.

D. Equal the total of the minimum lease payments during the lease term.

Answer: C

This answer is correct. Per ASC Topic 840, the lessee shall record a capital lease as a debit to an asset account and a credit to a liability account for an amount equal to the present value of the total of the minimum lease payments as of the beginning of the lease term. However, if the amount so determined exceeds the fair value of the leased property at the inception of the lease, the amount recorded as the asset and obligation shall be the fair value of the leased property.

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