A lease to be classified as finance by the lessee must meet all the following...
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A lease to be classified as finance by the lessee must meet all the following requirements, except: The lease transfers ownership (ownerhip) to the lessee at the end of the contract. OR The lease has a purchase option OR The present value of the lease payments are 90% or more of the asset's market value. The lease term must be 50% or less of the useful life of the asset.
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