Compare / contrast the Accounting treatment for a finance vs operating lease by the lessee at;

1. Commencement of the lease
2. First yr of the lease

Do not include the the 5 lease classification criteria in your answer. Also, for the finance lease, assume that there is transfer of ownership to the lessee at the end of the lease. In addition, assume equal monthly payments by the lessee at the beginning of each month of the lease.

Your answer should be in 2 to 3 paragraphs or bullets.