a. What is a bargain renewal option? i. If a BRO exists, how will the "term" of the lease be determined? b. What is a bargain purchase option? i. If a BPO exists, over what period will the leased asset be depreciated? (1). If a BPO doesn't exist, over what period will leased asset be depreciated? c. For a lease to capital, it must be noncancelable and at least 1 of 4 characteristics must exist. i. Does "noncancelable" actually mean it is impossible to get out of the lease? ii. State the 4 characteristics. d. The term and present value characteristics are not evaluated in determining whether a capital lease exists if the asset is in the last quarter of its useful life. Why?