Which of the following statements about leasing is false?

Lease financing is a substitute for debt financing.

The two parties to a lease transaction are the lessee and lessor.

In a lease analysis, the residual value is the estimated value of the leased asset at the end of the lease period.

Operating leases often include maintenance of the leased asset.

Depending on the type of lease, some lease expense is not reported on the income statement, but rather disclosed only in the notes to the financial statements.