Question: Most assets are owned by the entity. When an entity leases (i.e., rents) a building, a machine, or other tangible item, the item is owned

Most assets are owned by the entity. When an entity leases (i.e., rents) a building, a machine, or other tangible item, the item is owned by someone else (the lessor ); the entity [does / does not] own it. In other words, most leased items [are / are not] assets of the entity that leases them (the lessee ).

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