Question: Discuss the differences between purchasing a capital asset and acquiring it through a lease agreement. Highlight key distinctions including risk, accounting treatment, and financial reporting

Discuss the differences between purchasing a capital asset and acquiring it through a lease agreement. Highlight key distinctions including risk, accounting treatment, and financial reporting requirements. Review the financial statements of local governmental or not-for-profit entities and find an example of leased assets. Your response should include details of each lease, the name of the entity, and advantages/disadvantages to the organization

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