Guilford Co. has leased property and accounted for the transaction as a finance lease. No bargain purchase option or transfer of title exists. The amount recorded initially by Guilford as a liability should normally: Select one: a. Exceed the total of the minimum lease payments O b. Equal the present value of the minimum lease payments at the beginning of the lease O c. Equal the total of the minimum lease payments O d. Exceed the present value of the minimum lease payments at the beginning of the lease 12-year finance lease specifies equal minimum annual lease payments. Part of this payment represents interest and part represents a reduction in the net lease liability. The portion of the minimum lease payment in Year 10 applicable to the reduction of the net lease liability should be: Select one: a. Less than in Year 8 b. More than in Year 8 c. The same as in Year 12 d. More than in Year 12