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QUESTION
A capital lease begins on 1/1/16.
A capital lease begins on 1/1/16. Failure to record the 1/1/16 lessor entries for a direct financing, ordinary annuity lease would have what effect on the 1/1/16 lessor Total Assets and Total Equity, respectively?
Select one:
a. No Error, No Error
b. No Error, Understated
c. No Error, Overstated
d. Understated, No Error
