In a sale-leaseback transaction where none of the four leasing criteria are satisfied, which of the following is false?
a. The seller-lessee removes the asset from its books.
b. The purchaser-lessor records a gain.
c. The seller-lessee records the lease as an operating lease.
d. All of the above are false statements.
Ans: b. The purchaser-lessor records a gain.
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