Below are three lease transactions for VNN Airways in 20XX as the Lessee. All leases start on 1/1/XX. Lessors CMN Leasing 727 Aircraft $7,445,064 $5,449,423 15 years 15 years 20 years 25 years 25 years 25 years $69,300,000 $54,000,000 $32,000,000 $63,000,000 $46,000,000 $28,000,000 $15,000,000 $9,000,000 $7,000,000 Instructions (and a hint: remember the four criteria for a capital lease? Only one needs to be met) Type of property Yearly rental Lease term Estimated economic life Fair market value of leased asset Present value of the rental payments Purchase price at end of lease BJN Leasing 787 Aircraft BVC Leasing L-1011 Aircraft $2.851,861 a. Identify the three above leases as either operating or capital leases, and explain your answer. b. Record the initial journal entry for any of the above that are capital leases. c. Record the journal entry for any of the above that are operating leases.