Jockey city operates funaquatic park that meets the gasb definition of an enterprise fund (ef). in 2018, the ef enters into a 20-year agreement with coco's cabanas to lease shower facilities and changing rooms for the park. if the city were to buy the equipment, it would cost $320,000. assuming that the present value of the lease payments is $281,526, how should the ef initially report the lease?
select one:
a. as a debit to capital asset—cabanas and shower facilities for $281,526 and a credit to lease notes payable for the same amount.
b. as a debit to capital assets—cabanas and shower facilities for $320,000 and a credit for $281,526 to lease payable and a credit for $38,474 to deferred interest expense—leases.
c. as a debit to intangible asset—lease for $281,526 and a credit to lease payable for the same amount.
d. the leased asset and present value of the lease payments should be reported in jockey city's general fund.

the answer is a.

by: nicholas dooley

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two years ago, when picking flowers in the mountains back of yosemite valley, i found a book. it was blotted and storm-beaten; all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however; many of the inner pages were well preserved. and although all were more or less stained and torn, whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today; its granite pages have been torn and blurred by the same storms that wasted the castaway book.

two years ago, when picking flowers in the mountains back of yosemite valley; i found a book. it was blotted and storm-beaten, all of its outer pages were mealy and crumbly. the paper seemed to dissolve like the snow beneath which it had been buried, however, many of the inner pages were well preserved. and although all were more or less stained and torn; whole chapters were easily readable. this is the condition of the great open book of yosemite glaciers today, its granite pages have been torn and blurred by the same storms that wasted the castaway book.

false is correct i hope.

i might be