Presented below are three different aircraft lease transactions that occurred for Western Airways in 2017. All the leases start on January 1, 2017. In no case does Western receive title to the aircraft during or at the end of the lease period; nor is there a bargain purchase option. 
Instructions
(a) Which of the above leases are operating leases and which are finance leases? Explain your answer.
(b) How should the lease transaction with Utah Insurance be recorded in 2017?
(c) How should the lease transaction with Laine Leasing be recorded in 2017?
Definitions:
Theoretical Significance
Theoretical Significance refers to the contribution that a research study makes to the underlying knowledge and understanding of a particular field or theory.
Practical Significance
The extent to which research findings have actual, real-world usefulness or application, beyond statistical significance.
Hypothesis
A proposed explanation for a phenomenon, serving as a starting point for further investigation.
Skin Conductance
A measure of the electrical conductivity of the skin, which varies with moisture level due to sweat gland activity, often used as an indication of emotional or physiological arousal.
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