Which of the following is a characteristic of a finance lease?

a$.$ The future obligation does not appear in the balance sheet of the lessee

b$.$ the present value of the minimum lease payments at the beginning of the lease term is $75\%$ or more of the fair value of the property at the inception of the lease

c$.$ the lease contains a bargain$-$purchase option

d$.$ the lease term is substantially less than the estimated economic life of the leased property