Bonus Question $($only attempt if time permits!$)$:

Your client sells a piece of equipment to a third party, then immediately leases it back from the party. The equipment's remaining useful life is $20$ years, and the non$-$cancellable portion of th is $15$ years. At lease end, ownership of the equipment reverts back to the third party unless $y$ client exercises the lease's bargain purchase option.

Can this transaction be accounted for as a sale & leaseback? Why or why not?