Presented below are three different aircraft lease transactions that occurred for Western Airways in 2014. All the leases start on January 1, 2014. 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 2014?
(c) How should the lease transaction with Laine Leasing be recorded in 2014?
Definitions:
Unconscious Thoughts
Mental processes that occur without conscious awareness, influencing behavior, perceptions, and emotions.
Psychoanalysis
A therapeutic approach founded by Sigmund Freud that seeks to explore the unconscious mind to uncover repressed thoughts and feelings affecting current behavior.
Free Associate
A psychoanalytic technique where a patient is asked to share thoughts, words, or images as they come to mind, without censorship or selection.
Psychoanalysis
A therapeutic technique and theory of psychopathology, originating with Sigmund Freud, focused on unconscious motives and conflicts.
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