#5 (1 of 2) The following facts pertain to a non-cancelable lease agreement between Mooney Leasing Company and Rode Company, a lessee. Commencement date Annual lease payment due at the beginning of each year, beginning with May 1, 2025 Bargain purchase option price at end of lease term Lease term Economic life of leased equipment Lessor's cost Fair value of asset at May 1, 2020 Lessor's implicit rate Lessee's incremental borrowing rate Both companies' year-end is The collectability of the lease payments by Mooney is probable. May 1, 2025 $20,471.94 $ 4,000.00 5 years 10 years $65,000.00 $91,000.00 8% 8% December 31 #5 (2 of 2) Instructions a. Who is the lessee? The lessor? b. Discuss the nature of this lease to Rode? To Mooney? c. Prepare all necessary journal entries for Rode through December 31, 2026. d. Prepare all necessary journal entries for Mooney through December 31, 2026.