Debt vs lease

Chapter 16 goes into great detail on the inner workings of bonds and long-term debt; however, the book does also get into leasing to a lesser degree. I would say that leasing is probably a more common activity for the average financial manager. What the book doesn't do in chapter 16 is discuss the decision-making process that goes into deciding to lease or buy. With the ability to lease almost anything that a company needs, I think that financial managers need to evaluate the advantages and disadvantages of both leasing and buying with long-term debt. What are the advantages and disadvantages leasing and buying with long-term debt? How does the financial manager evaluate whether to lease or buy with long-term debt?