There are four criteria applicable to lessees and lessors. Which of the following is not one of them?
a.The lease transfers ownership of the property to the lessee by the end of the lease term.
b.The present value of the minimum lease payments is equal to 90% or more of the fair value of the leased property to the lessor.
c.The lease contains a purchase option.
d.The lease term is equal to 75% or more of the estimated economic life of the leased property.
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