Which of the following lease conditions would result in a capital lease to the lessee?
a. The lessee will return the property to the lessor at the end of the lease term.
b. The lessee can purchase the property for $1 at the end of the lease term.
c. The fair market value of the property at the inception of the lease is $18,000; the present value of the minimum lease payments is $15,977.
d. The lease term is 70% of the property's economic life.
b
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