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.

In year 1, the bennetts' 25-year-old daughter, jane, is a full-time student at an out-of-state university but she plans to return home after the school year ends. in previous years, jane has never worked and her parents have always been able to claim her as a dependent. in year 1, a kind neighbor offers to pay for all of jane's educational and living expenses. which of the following statements is most accurate regarding whether jane's parents would be allowed to claim an exemption for jane in year 1 assuming the neighbor pays for all of jane's support? a.no, jane must include her neighbor's gift as income and thus fails the gross income test for a qualifying relative.b.yes, because she is a full-time student and does not provide more than half of her own support, jane is considered her parent's qualifying child.c.no, jane is too old to be considered a qualifying child and fails the support test of a qualifying relative.d.yes, because she is a student, her absence is considered as "temporary." consequently she meets the residence test and is a considered a qualifying child of the bennetts.