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Which of the following is not a criterion for classifying a lease for a lessee...

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Accounting

  1. Which of the following is not a criterion for classifying a lease for a lessee as a finance lease?
    1. The lease term is a major part of the assets economic life.
    2. The lease transfers ownership of the asset to the lessee at the end of the lease term.
    3. The present value of the lease payments is at least equal to 50% of the assets fair value.
    4. The asset was designed specifically for this lessee and is not useful for anyone else.

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