A firm has a debt-to-equity ratio of 0.50 and debt equal to $35 million. The firm acquires new equipment with a 3-year operating lease that has a present value of lease payments of $12 million. The most appropriate analyst treatment of this operating lease will:

a.		increase the debt-to-equity ratio to 0.57.
b.		leave the debt-to-equity ratio unchanged at 0.5.
c.		increase the debt-to-equity ratio to 0.67.