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Referring to finance leases and operating leases in accounting. 1. When will lessee classify a lease contract as a finance lease vs. as an operating

Referring to finance leases and operating leases in accounting.

1. When will lessee classify a lease contract as a finance lease vs. as an operating lease?

2. What are the similarities in accounting for a lease contract as a finance lease vs. as an operating lease? What are the differences?

3. How would they impact current financial statements? How about future financial statements?

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