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Blossom Company on January 1, 2021, enters into a 9-year noncancelable lease for equipment having an estimated useful life of 10 years and a fair value to the lessor, Daly Corp., at the inception of the lease of $2,760,000. Blossom's incremental borrowing rate is 6%. Blossom uses the straight-line method to depreciate its assets. The lease contains the following provisions: 1. 2. Rental payments of $262,000 for property taxes, payable at the beginning of each six-month period. An option allowing the lessor to extend the lease one year beyond the lease term. A guarantee by Blossom Company that Daly Corp. will realize $210,000 from selling the asset at the expiration of the lease. However, the actual residual value is expected to be $118.000. 3. Click here to view factor tables, (a) Your answer has been saved. See score details after the due date. What kind of lease is this to Blossom Company? Finance Lease Attempts: 1 of 1 used (b) ) Your answer has been saved. See score details after the due date. What should be considered the lease term? The lease term 9 years Attempts: 1 of 1 used (c) Your answer has been saved. See score details after the due date. What is the present value of the lease payments (1) for classification of the lease and (2) for measurement of the lease liability? (Round final answers to decimal place. eg. 5,432) 1 $ 432385 2 $ 377930 Attempts: 1 of 1 used (d) Your answer has been saved. See score details after the due date. What journal entries would Blossom record during the first year of the lease? (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round present value factor calculations to 5 decimal places.eg 1.25124 and the final answer to decimal places eg. 5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit January 1, 2021 Right-of-Use Asset 432335 Lease Liability Cordo