An alternative to the outright purchasing of assets by firms seeking to expand their operations is to lease the property through a short- or long-term lease. Which of the following statements is true for a lease?

a. The lease term for all leases is at least 75% of the economic life of the leased property. b. Less cash is needed to sign a lease than to purchase an asset. c. The leased asset does not appear on the records of the lessee. d. The transfer of the leased property occurs at the end of all leases for a bargain price.