Assessment Description The purpose of this assignment is to apply concepts associated with leases and understand the disclosures presented in the Form 10-K. Select a publicly traded company and access its most recent financial statements, Form 10-K. Assume the company you work for is privately held and desires to go public in the next few years. To prepare for the initial public offering (IPO), the CFO knows that the company will have to change how it reports and discloses leases in order to comply with 5842 of the FASB Codification. You are tasked with writing a memo to the CFO that summarizes the leasing issues you have learned from examining the Form 10-K. For this assignment, provide a 500-700-word summary and analysis that addresses the following items: 1. Review the balance sheet of the company to determine if financing leases are presented on the report. 2. Navigate to the notes to the financial statements and locate the company's note on leases. Explain the details of the leasing transactions, financing and/or operating, based on the amounts and disclosures found in the financial statements and the notes to the financial statements. 3. How do the financing or operating leasing arrangements impact the overall profitability and debt position of the company? Sometimes ratio calculations help to find trends. Consider: debt to assets, times interest earned, vertical and horizontal analyses. 4. What information did the company provide about its leases in the notes? Why is that information important? 5. How does each company comply with the rules as provided in the FASB Codification? 6. Summarize the key points the CFO needs to know about lease disclosures to prepare the company to comply with 842.