ention 11 Given the following data, determine the appropriate lease classification. yet wered ats out of Asset FMV and book value Lease term Asset life Guaranteed salvage value Lessee's estimated salvage value Hag question $40,000 11 months 14 months $5,000 $3,000 No Bargain Purchase Option or Title Transfer Two-month Renewal Option exists; lessee reasonably certain to renew Present value of lease payments 63% of Asset FMV Lessor has foreseeable alternative use for asset Select one: O a. Short-term lease O b. Finance lease O c Operating lease