Assuming US GAAP and given no other information on the terms of the lease, the lessee will account for a lease as operating in all of the following situations EXCEPT: There is no written purchase option. Ownerstip does not transfer at the end of the lease. The present value of the minimum lease payments is equal to 95% of the fair value of the leased property. p. The lease term is equal to 70% of the economic ife of the asset