Which of the following leases would least likely be classified as an operating lease by the lessee?
a. The fair value of the leased asset is $20 million and the present value of the lease payments is $13 million.
b. Ownership of the leased asset reverts to the lessor at the end of the lease term.
c. The lease term is 5 years and the economic life of the leased asset is 8 years.
d. The agreement permits the lessee to buy the leased asset for one dollar at the end of the lease term.
