If a sale and leaseback transaction results in a finance lease, any excess of sale proceeds over the carrying amount shall be I. Recognized immediately as income by the seller-lessee. II. Deferred and amortized as income by the seller-lessee over the lease term.   Either I or II II only I only Neither I nor II

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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If a sale and leaseback transaction results in a finance lease, any excess of sale proceeds over the carrying amount shall be

I. Recognized immediately as income by the seller-lessee.

II. Deferred and amortized as income by the seller-lessee over the lease term.
 
Either I or II
II only
I only
Neither I nor II
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