One February 1, 2011, Pearson Corporation became the lessee of equipment under a five-year, noncancelable lease. The estimated economic life of the economic is 8 years. The fair value of the equipment was $ 800,000. The lease does not meet the definition of a capital lease in terms of a bargain purchase option, transfer of title, or the lease term. However, Pearson must classify this as a capital lease if the present value of the minimum lease payments is at least:
a. $ 800,000
b. $ 720,000
c. $ 600,000
d. $ 550,000