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What would be the advantages and disadvantages of leasing assets instead of owning them? How would the financial statements be different in a leasing situation

What would be the advantages and disadvantages of leasing assets instead of owning them? How would the financial statements be different in a leasing situation (for both operating leases and capital leases) for the lessee? What about the lessor (including all the types)? What disclosures should be made by lessees and lessors related to future lease payments?

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