20Question 5 On Jan. 1, 2018 Janus Company leased equipment to Pluto Company. The terms of the lease are as follows: Price of leased asset from manufacturer Lease payments Lease term Useful life ayment timing( Dec.31) uaranteed residual value terest rate implicit in the lease agreement 200,100 50,000 6 End of year 35,000 12% Required: 1) Determine the appropriate classification for this lease for the lessee 2) Record the journal entries for the lessee for the first year of the lease. 3) Calculate the first two years interest and principal Date Payment | Interest expense | Principal reduced OL(Lease payable) Dec.31,2018 Dec.31,2019 END OF EXAMINATION