1. Under current accounting rules, what are the financial reporting differences between an operating lease and a capital lease? How will this change with the new accounting rules effective in 2019/2020?

2. Are current footnote disclosures sufficient to overcome nonrecognition on the balance sheet of assets and related liabilities for operating leases? Explain.

3. Is the expense of a lease over its entire life the same whether or not it is capitalized? Explain.