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13-12-2022
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On January 1, Year 1, Abik Co. sold property with a remaining useful life of 20 years to Preston Co. for$100,000 and simultaneously leased it back for 7 years. The lease contains a purchase option that Abik isreasonably certain to exercise. Which of the following statements is true?A. No gain or loss on sale of property is recognized by Abik.B. Preston initially recognized the property at its purchase price of $100,000.C. Preston depreciates the property over its remaining useful life of 20 years.D. The leaseback of the property is classified as an operating lease by Abik and Preston.

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