To classify as an operating lease, the lessee which of the following lease criteria: (select all that apply) the lease term must be greater than 70% of the asset useful life the PV of lease payments must be greater than 90% of the asset FMV the lease contract may contain a bargain purchase option the asset must transfer ownership by the terms of the lease contract none of the other answers are correct Question 4 For the lessee, an operating lease differs from a finance lease because: (select all that apply) it does not record depreciation expense it results in greater volatility in income it does not record interest expense it does not capitalize the asset it does not report a liability