Which of the following statements is not true regarding a sales-type lease?
a. The unguaranteed residual asset is the present value amount that the lessor expects to receive at the end of the lease term that is not guaranteed by the lessee or any other third party.
b. At the lease commencement date, the lessor will recognize any selling profit or loss equal to the following: the fair value of the underlying asset, less the carrying amount of the underlying asset net of any unguaranteed residual asset, less any deferred initial direct costs of the lessor.
c. In a sales-type lease, the lessor does not transfer control of the asset to the lessee.
d. The net investment in the lease for a sales-type lease consists of the sum of the present value of the lease payments yet to be received (i.e., the Lease Receivable) plus any unguaranteed residual asset.