Lease liability and right of use asset are accounts used by the lessee in a finance lease. Are the components used in computing the right of use asset all similar to the components that make up the lease liability? Differentiate lease liability and right of use asset.

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.