Which of the following are characteristics of financial or capital leases? 1. The lease term is equal to 75 percent or more of the economic life of the leased property. II. The present vlue of the minimum lease payments is equal to 70 percent or more of the fair value of the leased property at the Inception of the lease. III. Provisions are made such that ownership of the leased property is transferred to the lessee at the end of the lease term. I and 11 II and III 1 and 111 I, II and