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One criterion for a capital lease is that the term of the lease must equal a minimum percentage of the leased property's economic life at the inception of the lease, what is this minimum percentage? 90% 80 % 75% 51%. On 1 1/14, Ship leased office space to Shore for 10 years. At $15,000 per month on that date. Depreciation is $12.000 per year straight line What is Ship's income in 2014 for this operating lease. $180.000 $168.000 $165.000 $138.000 Huffman Company leases a machine from Lincoln Corp. under an agreement which meets the criteria to be a capital lease for Hussmann. The six-year lease requires payment of $102,000 at the beginning of each year, including $15,000 per year for maintenance, insurance, and taxes. The incremental borrowing rate for the lessee is 10%; the lessor's implicit rate is 8% and is known by the lessee. The present value of an annuity due of 1 for six years at 10% is 4.79079. The present value of an annuity due of 1 for six years at 89% is 4, 99271. Hussmann should record the leased asset at $509, 256 $486, 661, $434, 366. $416, 799. Barkley Corporation is a lessee with a capital lease. The asset is recorded at $450,000 and has an economic life of 8 years. The least terms is 5 years. The asset is expected to have a market value of $150,000 at the end of 5 years, and a market value of $50,000 at the end of 8 years. The lease agreement provides for the transfer of title of the asset to the lessee at the end of the lease term. What amount of