Compare the financial statement impacts of an operating lease versus a finance lease for a piece of equipment with annual payments of $15,000 over 5 years. The interest rate implicit in the lease is 7%. Discuss how each type of lease affects the balance sheet, income statement, and cash flow statement. Calculate the present value of the lease payments for the finance lease and prepare the amortization schedule for the first year. Explain the differences in accounting treatment and the implications for key financial ratios such as the debt-to-equity ratio and return on assets (ROA). Consider the impact of the new lease accounting standards (ASC 842/IFRS 16) on the recognition and presentation of leases. Discuss the strategic considerations for choosing between an operating lease and a finance lease, including the effects on financial performance, tax implications, and management of off-balance-sheet financing.