Which of the following is not a condition that would require the recording of a lease contract as a capital lease for a company reporting under ASPE?

The lease transfers ownership of the property to the lessee.

The present value of the lease payments equals or exceeds 90% of the fair market value of the leased property.

The lease term is less than 75% of the economic life of the leased property.

The lease term equals the assets useful life.