Why or why not count it as a capitalized asset?

As a starting point for discussion/debate, lets put a “face” to the question. Assume you have an asset that does not meet the four main points to be qualified for a lease. However, the present value of minimum lease payments equals 85% instead of 90% of the fair value.

Why or why not count it as a capitalized asset? Remember, the focus needs to be on ASSETS & LIABILITIES vs. MATCHING PRINCIPLE & FULL DISCLOSURE.