85) Which of the following statements regarding leases is false? lease. A) For a finance lease, the lessee records the leased item as its own asset. B) For a finance lease, the lessee amortizes the right-of-use asset acquired under the C) Finance leases create a liability on the balance sheet. Version 1 26 D) Finance leases do not transfer ownership of the asset under the lease, but operating leases often do. E) For a short-term lease of a fe days or weeks, the lessee records payments as rental expense.