Capital Leases as in Substance Purchases of Assets.

NEED SOLUTION FOR THESE CASES

Case 13-11 Capital Leases as in Substance Purchases of Assets.
Required:

Explain how a capital lease is in substance a purchase of an asset. Tie your explanation to the Conceptual Framework's definitions of assets and liabilities.

PLEASE SEE ATTACHMENT for the other two cases, 12-4 and 13-5

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