ANSWERResources: Financial Accounting: Tools for Business Decision Making and Managerial Accounting: The Basis for Business DecisionsPrepare responses to the following assignment from the e-texts:Ch. 13: Communication Activity: BYP 13-7 of Financial Accounting: Tools for Business Decision Making Note: Include a 350-700 word memo addressing the problem in BYP 13-7.Ch. 23: Exercises 23.10 & 23.12 of Managerial Accounting: The Basis for Business Decisions Click the Assignment Files tab to submit your assignment.Resources: Financial Accounting Theory and AnalysisPrepare responses to the following assignment from the e-text:Ch. 13: Case 13-4 Application of SFAC No. 13 & Case 13-5 Lease Classifications Click the Assignment Files tab to submit your assignment.Week 5 Team A Final completed.docxFinancial_Managerial_Chapter23.pdfFinancial_Accounting_4e_Ch13.pdfANSWER ONLY THESE QUESTIONSTeam member 2b. How should Lani account for this lease at its inception and determinethe amount to be recorded? )Team member 3d. How should Lani report the lease transaction on its December 31, 2006,balance sheet?)Team Member 4)b. What criteria must be met by the lease meet in order that LambertCompany classify it as a sales-type or direct financing lease?)
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