A lease agreement may include all of the following types of payments. Which is not included in the definition of lease payments for the lessee? A. Purchase option when the lessee is reasonably certain to exercise the option B. Contingent rental payments C. Guaranteed residual value that is not probable of being owed D. Penalty for failure to renew the lease

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.