Leoni Ltd has entered into a number of agreements as identified below:

AGREEMENT 1 Leoni Ltd has signed a contract to lease a truck for a non-cancellable term of 12 months. There is an option to extend the lease for another 12 months. The lease payments in this additional period are to be at usual market rates.

AGREEMENT 2 Leoni Ltd has signed a contract to lease machinery for a non-cancellable period of 11 months. There is an option to extend the lease for another 13 months, with the monthly payments in this additional 13-month period being 80 per cent of normal market rates.

AGREEMENT 3 Leoni Ltd has signed a contract to lease a shop with an initial non-cancellable period of three years and with an available lease extension for an additional two years should both Leoni Ltd and the lessor agree.

AGREEMENT 4 Leoni Ltd has signed a contract to lease a machine for a non-cancellable period of four years. The arrangement also provides an option for Leoni Ltd to renew the lease for a further two years at market rates. Leoni Ltd has modified the machine and these modifications are expected to still be valuable in the two-year period of the lease renewal, if the decision to renew the lease is made.

REQUIRED

What is the ‘lease term’ in each of the above agreements?