10. A Corp. manufactures equipment. B Corp. Leasing purchased equipment from A Corp for $2,450,000 and leased it to C Incorporated Group, on January 1, 2024. ase Description: uarterly lease payments $159,882 _beginning of each period ase term 5 years ( 20 quarters) residual value; no purchase option conomic life of equipment 5 years iplicit interest rate and lessee's incremental borrowing rate 12% value of asset $2,450,000 equired: 1. How should this lease be classified by C Incorporated Group and B Corp Leasing? 2. Prepare appropriate entries for both C Incorporated Group and B Corp Leasing from the beginning of the lease through the second rental payment on April 1, 2024. Adjusting entries are recorded at the end of each fiscal year (December 31). 3. Assume C Incorporated Group leased the equipment directly from the manufacturer, A Corp. which produced the machine at a cost of $2.1 million. Prepare appropriate entries for A Corp from the beginning of the lease through the second lease payment on April 1, 2024