Presented below are three different aircraft lease transactions that occurred for Midwest Airways in 2010. All the leases start on January 1, 2010. In no case does Midwest 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 capital leases? Explain your answer.
(b) How should the lease transaction with Winsor Insurance be recorded in 2010?
(c) How should the lease transaction with Gray Leasing be recorded in 2010?
Definitions:
Left Atrium
The heart chamber that receives oxygenated blood from the lungs and pumps it to the left ventricle.
Mean Arterial Pressure
The average blood pressure in an individual's arteries during one cardiac cycle, essential for ensuring effective tissue perfusion.
Peripheral Resistance
Peripheral resistance is the resistance of the arteries to blood flow. As the arteries constrict, the resistance increases and blood pressure rises.
Cardiac Output
The volume of blood pumped by the heart per minute, indicative of the heart's efficiency.
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