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CityCar Rentals leases a fleet of vehicles under an operating lease. The lease payments are $10,000 per month, and the lease term is 3 years.
CityCar Rentals leases a fleet of vehicles under an operating lease. The lease payments are $10,000 per month, and the lease term is 3 years. Determine whether this lease should be classified as an operating lease or a finance lease, considering the relevant criteria under ASC 842.
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