One of the elements in the definition of a financial lease is "The lease term is equal to 75% or more of the estimated economic life of the property."

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This statement is true. A financial lease is generally defined as a lease in which the lease term is equal to at least 75% of the estimated economic life of the leased property. This ensures that the lessee bears most of the risks and rewards associated with ownership of the leased property during the lease term, and that the lessor's return on investment is relatively low due to the longer lease term.

One of the Elements in the Definition of a Financial