Which one of the following characteristics of a lease would not cause the lease to be classified as a capital lease?

a. Lease ownership transfers to the lessee at the end of the lease.

b. The present value of the lease payments at the beginning of the lease is 90% or more of the fair market value of the leased asset.

c. The lease term is equal to 50% of the estimated economic life of the asset.

d. The lease contains a bargain purchase option.