21 - 24. Identify whether each of the following independent transactions is a financing or operating lease. A. Financing B. Operating A firm signs a 7-year lease for equipment with an 8-year life. A firm signs a lease for property with a fair market value of $40,000. The present value of the minimum lease payments is $37,000. A firm signs a 9-year lease for equipment with a 10-year life. A fimm signs a lease for property with a fair market value of $100,000. The present value of the minimum lease payments is $78,000