Which of the following criteria is required of a lease agreement to pass the purchase option test?

The lessee must be given ownership of the leased property at no extra cost at the end of the lease.

The lessee must be allowed to purchase the leased property for significantly less than the fair value at the date the option

becomes exercisable.

The lessee must be allowed to purchase the leased property for the fair value of the property at the end of the lease.

The lessee must be given the option to purchase the leased property at the end of the lease.