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Capital leases and operating
leases are the two classifications of leases described in FASB pronouncements
from the standpoint of the lessee.
Describe how an operating lease
would be accounted for by the lessee both at the inception of the lease and
during the first year of the lease, assuming the lessee makes equal monthly
payments at the beginning of each month of the lease. Describe the change in
accounting, if any, when rental payments are not made on a straight-line basis.
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