Arabian Company entered into an agreement to lease a delivery truck from Appaloosa Inc. Both companies follow ASPE. The first lease payment is due one year following the date on which the lease is signed. The delivery truck reverts to Appaloosa at the conclusion of the lease term. The following data relates to the agreement:

Date on which the lease agreement was signed: May $31,2024$

Term of the non$-$cancellable lease $($in years$)$: $4$

Amount of each annual lease payment: $$7,906\mathrm{.}72$

Fair value of delivery truck on the date on which the lease is signed: $$31,808$

Economic life of the delivery truck $($in years$)$: $5$

Residual value of delivery truck at the end of the asset's economic life: $$2,227$

Residual value of delivery truck at the conclusion of the lease term $($this amount has been guaranteed by Arabian Company$)$: $$5,568$

Lessee's incremental borrowing rate: $7\%$

Lessor's implicit rate $($this rate is known by the lessee$)$: $6\%$

Arabian Company uses the straight$-$line method to depreciate all automotive equipment. Arabian Company has a year end date of December $31.$

Required:

$1.$ Calculate the present value of the minimum lease payments from the perspective of Arabian Company.

$2.$ What type of lease is this from the perspective of Arabian Company? Your answer should address all criteria that may be used to determine the type of lease.

$3.$ Prepare an amortization schedule for Arabian Company that includes the first $3$ lease payments.

$4.$ Prepare all journal entries that Arabian Company would record for the lease on each of the following dates:

The date on which the lease was signed

December $31,2024$

The date on which the first lease payment is made

My special request: Please use a financial calculator and show the calculation of N & I$/$Y & PV & PMT & FV$.$ Thank you very much!