You Try: Lease Term (Example from Deloitte's Guidance) On May 15, 2020, Company B enters into an equipment lease that includes a noncancelable period of five years, with a three-year renewal option that includes payments based on market rents. Company B modifies and configures the underlying asset at a significant cost. In addition, the equipment is a vital asset in B's manufacturing process (i.e., B's production output would be significantly affected if this asset were not in place). How long is the lease term? (Answer via Poll Everywhere)