II: Accounting for Leases (65 points total) Accountants treat a lease contract as a finance lease (also called a "sales-type" lease for the lessor) if it meets at least one of the following criteria: Ownership of the leased asset transfers to the lessee at the end of the lease. The lease contract includes a bargain purchase option at the end of the lease. (The lessee may purchase the leased asset for less than its estimated fair value at the end of the lease.) The length of the lease contract (i.e., the "lease term") is a major part of the remaining economic life of the leased asset. (Any term at least 75% of the remaining economic life is a major part.) The present value of the lease payments specified in the lease contract is substantially all of the fair value of the leased asset when the lessee and lessor sign the lease contract. (Any amount at least 90% of the fair value is substantially all of the fair value.) The leased asset is so specialized according to the lessee's requirements