Cullumber Ltd$.$ recently signed a lease for equipment from Photon Inc. The lease term is five years and requires equal rental payments

of $$32,600$ at the beginning of each year. The equipment has a fair value at the lease's inception of $$143,000,$ an estimated useful life

of eight years, and no residual value. Cullumber pays all executory costs directly to third parties. Photon set the annual rental to earn a

rate of return of $6\%,$ and this fact is known to Cullumber. The lease does not transfer title or contain a BPO. Is this a right$-$of$-$use asset or an operating lease?