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ASC 842 requires lessees to record nearly all leases on the balance sheet by recording a lease liability with a corresponding debit to the right-of-use (or ROU) asset. The lease liability is equal to the present value of the remaining lease payments. To determine this amount, we first need to determine the lease term on the commencement date. Then we determine the total lease payments over the lease term. Finally we discount those payments back to the commencement date using an appropriate discount rate. In this video well focus on the lease payments. Lease payments are payments made by the lessee to the lessor for the right to use the underlying asset. Determining what is included in the lease payments is essential to determine the lease classification, as well as measuring the lease liability, and ROU asset, to be recorded by the lessee on the balance sheet. Before we get into what should be included in lease payments, lets talk briefly about the various components that might exis