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Which of the following statements is FALSE? Select one: A. Some leases are substantially equivalent...

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Accounting

Which of the following statements is FALSE? Select one:

A. Some leases are substantially equivalent to purchases.

B. The lessee will always record the liability associated with future cash payments but never an asset associated with the property being leased.

C. A lease contract creates property rights and financial obligations.

D. Almost any asset could be leased.

E. Leases can take the form of a capital lease or an operating lease.

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