each option is a Finance lease or operating lease

Question 2 (7 points) Determine the type of lease (Finance or Operating) given the characteristics below: Hint remember the rules under ASPE Lease includes a bargain purchase option Lessor pays taxes, insurance, and similar costs without specific reimbursement therefore > Lessee pays taxes, insurance, and similar costs without specific reimbursement therefore Lessee pays taxes, insurance, and similar costs without specific reimbursement therefore 1. Finance Lease It is unlikely that the ownership will transfer to the lessee at the end of the lease term 2. Operating Lease The leased asset is so highly specialized that only the lessee can obtain the benefit without substantial modifications Collectability of the lease payments is reasonably assured V The lease term often approximates the useful life of the property