Question: Explain which of following would result in the lessor classifying the lease as a finance lease. a. The lease is for a major part of

Explain which of following would result in the lessor classifying the lease as a finance lease.
a. The lease is for a major part of the economic life of the asset.
b. The lease term is for 12 months or less.
c. The lease transfers ownership of the asset at the end of the lease.

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