30. (4 points) On January 1, 2019, C leased a machine with a useful life of 4 years. The noncancelable lease agreement required C to make 3 annual lease payments of $75,000 starting December 31, 2019. At the end of the lease agreement, C will return the machine to the lessor. Cs borrowing rate on January 1, 2019 was 6%. C uses the straight-line depreciation (amortization) method (no residual value) and only prepares AJEs every December 31. Determine if this is a long-term finance lease or a long-term operating lease and then prepare the lease-related entries C should make on:

1. January 1, 2019
2. December 31, 2019
3. December 31, 2020
4. December 31, 2021
5. December 31, 2022