Which of the following lease arrangements would most likely be accounted for as an operating lease by the lessee?

a. The lease agreement runs 16 years and the economic life of the lease property is 20 years.

b. The present value of the minimum lease payments is $55,600 and the fair value of the leased property is $60,000.

c. The lease agreement allows the lessee the right to purchase the leased asset for $1.00 when half of the assets economic useful life has expired.

d. The lease term is for a period of time that is shorter than one year and is not renewable.