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Can a landlord evict you for no reason?

No, a landlord cannot just kick you out. They need to follow the formal eviction process provided in your state. If a landlord uses illegal self-help measures, such as changing the locks or throwing out your belongings, you should be able to hold the landlord accountable and remain on the property.

Should leases be recorded?

Generally, recording of the lease protects the tenant against subsequent claims to the property. If the Landowner dies or sells the property during the lease term, a recorded lease helps ensure that the new owner adheres to the lease agreement (if that is specifically stated in the lease).

How are leases accounted for?

The equipment account in the balance sheet is debited by the present value of the minimum lease payments, and the lease liability account is the difference between the value of the equipment and cash paid at the beginning of the year.

How are leases accounted for in accounting?

The lessor reports the lease as a leased asset on the balance sheet and individual lease payments as income on the income and cash flow statements. The lessee reports the lease as both an asset and a liability on the balance sheet due to their stake as a potential owner of the asset and their required payment.

How are leases accounted for in financial reports?

Lease expense is recorded usually on a straight-line basis over the lease term by adding interest expense determined using the effective interest method to the amortization of the right-of-use asset. Amortization is recorded on the right-of-use asset (usually on a straight-line basis).

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