Solved: How should the lease transaction for flynn co be recorded, Accounting Basics

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How should the lease transaction for flynn co be recorded

Presented below are three different lease transactions in which Ortiz Enterprises engaged in 2010.Assume that all lease transactions start on January 1, 2010. In no case does Ortiz receive title to the properties leased during or at the end of the lease term.

Instructions

(a) Identify the leases above as operating or capital leases. Explain.

(b) How should the lease transaction for Flynn Co. be recorded on January 1, 2010?

(c) How should the lease transaction for Miley Inc. be recorded in 2010?

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Accounting Basics: How should the lease transaction for flynn co be recorded

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