According to Current GAAP, Leased Property Could Be Reported as an Asset

According to current GAAP, leased property could be reported as an asset on the balance sheet of the lessee and the lessor as follows: $\begin{array}{lll}&\text { Lessee}&\text { Lessor }\\ \text { I. } & \text { included } & \text { included } \\\text { II. } & \text { included } & \text { not included }\\\text { III. } & \text {not included } & \text { not included }\end{array}$

A) I
B) II
C) III
D) all of the above

Correct Answer:

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