Santiago Corp. signs an agreement to lease land and a building
for 20 years. At the end of the lease, the property will not
transfer to Santiago. The life of the building is estimated to be 20
years. Santiago prepares its financial statements in accordance
with IFRS. How should Santiago account for the lease?

The lease is recorded as a finance lease.
The lease is recorded as an operating lease.
The land is recorded as an operating lease, and the
building is recorded as a finance lease.
The land is recorded as a finance lease, and the building
is recorded as an operating lease.

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