Which of the Following Statements Best Describes the Finance Lease

Which of the following statements best describes the finance lease guidelines under ASPE from the lessee's point of view?

A) The lease term must be at least 75% of the asset's life.
B) The present value of the minimum lease payments must be equal to 90% or more of the asset's fair value.
C) The criteria for finance leases is met if either the lease term is at least 75% of the asset's life or the present value of the minimum lease payment is equal to 90% or more of the asset's fair value.
D) The criteria for finance leases are met if the lease term is at least 75% of the asset's life AND the present value of the minimum lease payment is equal to 90% or more of the asset's fair value.