Under GAAP, which of the following would not qualify a lease arrangement as a capital lease?

• The lessee has an option to purchase the leased asset at fair market value
• Ownership of the leased asset is transferred to the lessee at the end of the lease term.
• The term of the lease is 75 percent or more of the leased asset’s economic life (i.e., its productive life)
• The present value of the lease payments discounted by the lessee’s borrowing cost is 90 percent or more of the fair value of the property.