1. Samuel Courier Inc. entered into a non-cancellable lease agreement with Specialty Auto ks Company for the lease of a delivery van on July 1, 2022. The agreement indicates that Samuel Courier can purchase the van at the end of the lease term for a specified price. Other details pertaining to the lease follow: Estimated fair value of leased asset at the end of the asset's economic life $7,971 Estimated fair value of leased asset at the end of the lease term $15,942 Estimated useful life of the leased asset in years Price at which Samuel Courier can purchase the leased asset at the end of the $6,377 lease term Fair value of the leased asset at the inception of the lease Annual lease payment, due on July 1 of each year Interest rate implicit in the lease (this rate is known to Samuel Courier) Lease term in years Samuel Courier's incremental borrowing rate 65,971 $10,218 5% 6 6% The first lease payment is scheduled to be made on July 1,2022. Samuel Courier has a year end of December 31, follows ASPE, and uses the straight-line method to depreciate all delivery vans. Required: 1. Calculate the present value of the minimum lease payments for Samuel Courier. (2.5 marks) 2. What kind of lease is this from the perspective of Samuel Courier? Your answer should address all criteria that may be used to determine the type of lease. ( 4 marks) 3. Prepare an amortization schedule covering the first 4 lease payments. (2 marks) 4. Prepare any journal entries required for Samuel Courier on both of the following dates: July 1, 2022 (1.5 marks) December 31, 2022