Question: please explain well and give examples. Short essay questions: 1. Compare and contrast the way leases are classified between operating leases and finance leases under

please explain well and give examples.

Short essay questions: 1. Compare and contrast the way leases are classified between operating leases and finance leases under U.S. GAAP and IFRS. (1 points) 2. When a company sells an asset and simultaneously leases it back, what criteria must be met to apply sale-leaseback accounting rather than accounting for the transaction as a loan? (1 point)

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