GHI Corporation leases equipment under operating leases. Describe the accounting treatment for operating leases, including the initial recognition, subsequent measurement, and presentation in the lessee's financial statements. GHI Corporation leased equipment with a fair value of $500,000 for a term of five years, with annual lease payments of $100,000. Compare and contrast the accounting treatment for operating leases with that of finance leases, highlighting the key differences and their implications for financial statement users.