111511 Spring Session II 2022/ACT 341/D1 / Course Documents / Quiz 1 Dated 30-3-2022 On February 1, 2011, Jane Wilson Corporation became the lessee of equipment under a five- year, noncancelable lease. The estimated economic life of the equipment is 8 years. The fair value of the equipment was $600,000. The lease does not meet the definition of a capital lease in terms of a bargain purchase option, transfer of title, or the lease term. However, Jane Wilson must classify this as a capital lease if the present value of the minimum lease payments is at least a. $600,000 b. $540,000 c. $ 450,000 d. $405,000