Question 1 ASC 842 defines a lease as: a contract, or part of a contract, the conveys the right to control the use of the identified property, plant or equipment for a period of time in exchange for consideration a contract that meets any one of the following four criteria - 1) Ownership transfer, 2) Bargain purchase option, 3) Lease term greater than or equal to 75% of useful life of the asset, 4) Present value of minimum lease payments greater than or equal to 90% of fair value of the leased property contract by which one party conveys property, services, etc. to another for a specified time, usually in return for a periodic payment. 1 pts a contract in which the lease transfers ownership to the lessee at the end of the lease