Question: 1. Describe how operating and capital leases affects all three of the financial statements. How might one method of accounting impact profitability and return measures?

1. Describe how operating and capital leases affects all three of the financial statements. How might one method of accounting impact profitability and return measures? Do you think one methodology is better than the other for getting the best read on a companys financial position?

2. What are some of the challenges of measuring fair value of debt? In performing financial statement analysis should fair value or book value be used? Why?

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