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| Leases should be classified by the lessee as either operating leases or capital leases. Which of the following statements best characterizes operating leases? A. The benefits and risks of ownership are transferred from the lessor to the lessee. B. The lessee records leased property as an asset and the present value of the lease payments as a liability. C. Operating leases transfer ownership to the lessee, contain a bargain purchase option, are for more than 75% of the leased asset’s useful life, or have minimum lease payments with a present value in excess of 90% of the fair value of the leased asset. D. The lessor records lease revenue, asset depreciation, maintenance, etc., and the lessee records lease payments as rental expense. |