In order for a lease to qualify for the short-term lease election, the lease Select one: a. Must be of a duration of 12 months or less and include no purchase option of the leased asset and no renewal option beyond one year. b. Must be of a duration of 12 months or less and include no purchase option. X c. Must be of a duration of 12 months or less and may include a purchase or renewal option beyond a year, but the lessee is not reasonably expected to exercise either option. d. Must be of a duration of 12 months or less and may include a purchase option but may not include a renewal option extending beyond one year