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Jordan Adelson discusses how lessees record the lease liability and right of use asset for both operating and finance leases. Day 1 accounting is the initial recording of the lease, while day 2 accounting refers to post-initial recording. An example is provided with terms of a lease, including a five-year term with annual payments of $1.1 million. The first lease payment is due at commencement, with a lease incentive of $100,000 provided by the lessor. Accounting for operating leases is explained, while accounting for finance leases is covered in a separate video on CFO direct comm.
