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Which of the conditions qualifies a lease as a finance lease

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Reference no: EM132751540

Problem 1: Which of the following conditions qualifies a lease as a finance lease?

Multiple Choice

Option 1: The lease term covers the majority of the asset's economic life

Option 2: The lease transfers the risks and benefits of ownership to the lessee

Option 3: The present value of the minimum lease payments covers substantially all of the fair value of the property at the inception of the lease

Option 4: The leased asset is specific to the needs of the lessee and without significant changes would not be of use to another company

Option 5: All of these

Reference no: EM132751540

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