A lessee must account for a lease as a capital lease if:

I. lease transfers ownership to lessee at the end of the lease.

II$.$ lease contains option to purchase the asset at the end of the lease at a bargain price.

III. lease is longer than $20$ years.

IV$.$ present value of lease is greater than $10\%$ of lessee's assets.

Question $5$ options:

I, II and IV

I, III and IV

I, II and III

I and II