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An operating lease has which of the following characteristics? I. Lessee has responsibility for the maintenance and insurance II. Lease payments cover the full cost

image text in transcribed An operating lease has which of the following characteristics? I. Lessee has responsibility for the maintenance and insurance II. Lease payments cover the full cost of the asset III. Economic life of the asset exceeds the lease term IV. Lessee can cancel the lease prior to the expiration date I and II only II and IV only I, II and III only I and III only III and IV only

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