Which of the following lease arrangements would most likely be accounted for as an operating lease?
a. The lease agreement runs for 15 years and the economic life of the leased 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 asset's economic useful life has expired.
d. The lessee may renew the two-year lease for an additional two years at the same rental.