A BC Company, as lessee, enters into a lease agreement on January 1, 2017 to lease equipment. The following data are relevant to the lease agreement. The term of the non cancellable lease is three years, with no renewal option Payments of $16000 are due on January Is of each year. The fair value of the equipment on January 7, 2017 is $5gova. The equipment has an estimated economic life of five years, and an estimated residual value of $0. The equipment reverts back to the lessor at the termination of the lease and is expected to have use to the lessor. Instructions: 1. Indicate the type of lease ABC has entered into 2. Prepare the journal entries on ABC's books related to the lease agreement for the following dates: Cround all amounts to the nearest dollar. Include a partial amortization schedule) 9. be January 7, 2017 December 31, 2017 January 7, 2018 C