Q A contract between Drive&Go and a freight carrier provides Drive&Go with the use of a truck of a particular type for 10 years. The truck is identifiable by its license plate specified in the agreement. Drive&Go has exclusive use of the truck; it determines when and where the truck can be utilized. Drive&Go determines which goods are to be 4 transported using the truck and where it can be parked. However, if the truck requires repairs and maintenance, the freight carrier can substitute it with another similar truck. Does the contract contain a lease? Select the one correct option and then select Submit. Yes. The contract contains a lease. Drive&Go has exclusive use of the truck and determines when, where and what can be transported during the lease period so it is deemed to have ownership of the truck. Yes. The contract contains a lease. The truck is an identified asset in the contract. Drive&Go has the right to control the use of the asset for 10 years (being the lease term) because Drive&Go has exclusive use of the truck and determines when, where and what to be transported during the lease period. No. The contract does not contain a lease. Drive&Go does not have the right to control the use for 10 years because the freight carrier can substitute the truck for another during the period. No. The contract does not contain a lease. Drive&Go does not have the ownership of the truck (underlying asset) as there is no purchase option that permits Drive&Go to purchase the truck at the end of the lease.