According to Current GAAP, Leased Property Recorded as a Capital

According to current GAAP, leased property recorded as a capital lease normally should be reported as a long-term or intangible asset on the balance sheet of the lessee and the lessor as follows: $\begin{array}{lll}&\text { Lessee}&\text { Lessor }\\\text { I. } & \text { included } & \text { included } \\\text { II. } & \text { included } & \text { not included } \\\text { III. } & \text { not included } & \text { not included }\\\text { IV. } & \text { not included } & \text { included }\end{array}$

A) I
B) II
C) III
D) IV

Correct Answer:

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