For the lease situation described below, determine the appropriate lease classification by the lessee and explain the reason(s) why. Your response should include a YES/NO to each of the criteria as well as calculation if appropriate. Lease Term Lease Payment Asset's useful life. 4 years $30,000/year .6 years $114,000 No Asset's fair value...... Bargain purchase option? Annual Lease payments. End of year Lessor's implicit rate (known by lessee). .6% Lessee's incremental borrowing rate. ..5%