**USE NEW 2017 FASB LEASE STANDARD**
Part 1
Required: In one or two sentences, summarize the main difference
between IFRS vs. US lease accounting:
Part 2 (Application)
On January 1, 2017, a machine was purchased for $400,000 by
Younger Leasing Co. The machine is expected to have a 10-year life
with no salvage value. It is to be depreciated on a straight-line
basis. The machine was leased to Juniper Inc. for 3 years on
January 1, 2017, with annual rent...