Read about and familiarize yourself with the new leases standard (ASC topic 842) on pages 897 - 905 of your textbook. Public companies will have to start complying with this new leases standard for calendar year 2019 (2020 for all other companies). After reading about the new leases standard in your textbook reference the Accounting Standards Codification (ASC) as it relates to ASU 2016 02, found in ASC section 842, Leases. After familiarizing yourself with the new leases standard in the textbook and finding ASC section 842 online, discuss the following points: 1. the right of- use model; 2. the five requirements for a lessee to classify a lease as a finance lease and the same lease for the lessor as a sales-type lease 3. the lease classification alternative for a lessee when requirements in part (2) are not met, 4. the lease classification alternatives for a lessor when requirements in part (2) are not met, 5. the requirements for accounting for a lease modification as a separate contract, and 6. the requirement for an entity when a lease modification is not accounted for as a separate contract