Question

In government-wide financial statements, the assets acquired under a capital lease would be reported at ____ (A) The total of all payments under the lease.(B) The present value of the required lease payments.(C) The undiscounted total of required lease payments.(D) They are not reported in the government-wide financial statements.

Answer 1

Answer:

(B) The present value of the required lease payments.

Explanation:

According to my research, government-wide statements organize information by whether it relates to governmental activities or business-type activities. Since a Capital Lease is basically a temporary transfer of complete ownership from one person to another then it would be reported at the present value of the required lease payments.

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