Information has been gathered for three leases that will be accounted for through straight-line depreciation: Required: For purchase option included in lease contract and lease 2, exercise of option reasonably certain. For lease 3, exercise of option not reasonably certain. For each leased asset, choose a depreciation period. Lease 1 Lease 2 Lease 3 Initial lease form Renewal option 6 years 6 years 5 years n/a 3 years 4 years Economic life of the leased asset 7 years 10 years 10 years Purchase option included in lease contract Depreciation term Yes No No years years years