PROBLEM 2 (depreciable life) For each situation below, determine the period of time over which the lessee should amortize its right-of-use asset from a finance lease. (1) The lease term is 7 years and the useful life of the property is 8 years. For income tax purposes, a five-year life is used. The lease has no purchase option. (2) The lease term is 7 years and useful life of the property is 8 years. The lease has an option for the lessee to purchase the property at the end of 7 years. The optional purchase price is so attractive it can be assumed the lessee will exercise the option