Compare the financial statement effects of operating leases and capital leases from both the lessee and lessor perspectives. (a) Describe how a lessee accounts for a capital lease both at inception of lease and during the first year of the lease and its impact on financial statements. Assume the lease transfers ownership of the property to the lessee by the end of the lease. (10 marks) (b) Describe how a lessee accounts for an operating lease both at inception of lease and during the first year of the lease and its impact on financial statements. Assume the lessee makes equal monthly payments at the beginning of each month during the lease term