Question: How would you decide between leasing a long-term asset or purchasing a long-term asset? Explain the accounting issues faced by the asset owner (lessor) and

How would you decide between leasing a long-term asset or purchasing a long-term asset? Explain the accounting issues faced by the asset owner (lessor) and the asset user (lessee) in recording a lease transaction. Also, explain the accounting and operational issues to be considered. Last, describe the circumstances in which leasing makes more business sense than an outright sale and purchase

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