The city of Plainview sold its maintenance facility in an all-cash transaction and used the proceeds to improve the city’s financial position. The city then leased the building from the new owner on a non-cancellable basis. The city will be responsible for the maintenance and upkeep of the facility. These transactions illustrate:
A) both an operating lease and a sale and leaseback.
B) an operating lease.
C) a sale and leaseback.
D) a fully amortized lease.
E) a leveraged lease.
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The city of Plainview sold its maintenance facility in an all-cash transaction and used the proceeds...
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