A lease meeting any one of these conditions must be classified as a capital $($or finance$)$ lease:

I. The length of the lease is at least $80\%$ of the estimated useful life of the asset, II$.$ There is a transfer of ownership to the lessee at the end of the lease. III. The lease agreement contains a provision that allows the lessee to purchase the asset per a premium purchase option during or at the end of the lease's life. IV$.$ The present value of the discounted lease payments at the beginning of the lease term exceeds $90\%$ of the asset's fair market value.

a$.$ I, II

b$.$ II$,$ III

c$.$ II$,$ IV

d$.$ All of the above