1. Company A enters a lease contract with company B. the lease term is for 10 years while the economic life of the asset is 11 years. 2. CompanyXYZ enters a lease contract with company ABC to rent 10 vehicles for 5 years atthe end of the lease contract the ownership of the vehicles will be transferred to Company XYZ. 3. BlocksCompany manufactures an equipment with specific requirements and features setby ALO Company for using them in their operation. ALO company enters into lease contract with Blocks company to rent the equipment for 6 years. 4. Zalo company enters into 4 years lease contract with Mahran real-estate company to rent an office for their operation the payment term is 100,000 yearly due at the end of each year. (Operating Lease) 5. Amara company rent a land from Earth Company to build a new factory for 50 years. Amara company has the right to purchase the land at the end of the contract by 100,000,000 while the fair value will be 180,000,000. (Financing contract) Required: a. Determine whether the previous contracts are financing lease or operating lease? b. The reasons for your determination? (10 Marks) Use the editor to format your