Scenario 2: Circle whether each of the following independent scenarios result in an operating lease or a capital lease for a lessee? Assume the following: the fair value of the leased asset is equal to $50,000, the estimated useful life of the leased asset is 10 years, and the estimated residual value of the leased asset at the end of the lease term is $3,000 Inde Operating or Capital (circle one The calculated PV of the minimum lease payments is 1. equal to $48,250 The lease term is 7 years. The end-of-lease purchase option is equal to $2,900 The lease term is 8 years. Ownership of the leased asset transfers to the lessee Operating/ Capital Operating/ Capital Operating/ Capital Operating/ Capital 2. 3. 4. 5. at the end of the lease term Operating/ Capital 6. The calculated PV of the minimum lease payments is equal to $44,950 The end-of-lease purchase option is equal to $500 Ownership of the leased asset does not transfer Operating/ Capital 7. Operating/ Capital 8. to the lessee at the end of the lease term Operating/ Capital