Which of the following statements regarding leases is false?

Multiple Choice

For a finance lease, the lessee records the leased item as its own asset.

For a finance lease, the lessee amortizes the right$-$of$-$use asset acquired under the lease.

Finance leases create a liability on the balance sheet.

Finance leases do not transfer ownership of the asset under the lease, but operating leases often do$.$

For a short$-$term lease of a few days or weeks, the lessee records payments as rental expense.