Broadway Theatre Company (lessee) leased theatre equipment from Center Stage Productions (lessor) on January 1, 2021. Broadway Theatre Company had the option to purchase the theatre equipment on December 31, 2023, at the end of the lease term, for $48,000 when it was expected to have a residual value of $64,000, a sufficient difference that exercise seems reasonably certain. Other information: Lease term Annual Payments 3 years ???? - you must calculate January 1 each year, starting with January 1, 2021 6 years $123,600 10% Life of Asset Fair value of asset Implicit interest rate Year-end for lessee & lessor December 31 1. How should this lease be classified by Broadway Theatre Company and Center Stage Productions? Briefly explain your answer. 2. Calculate the annual lease payments beginning 1/1/21. Be sure to show your calculations and round your payments to the nearest whole dollar. 3. Prepare appropriate journal entries for Broadway Theatre Company from the beginning of the lease on January 1, 2021 through December 31, 2021. Be sure to show your dates on ALL journal entries. Round your answers to the nearest whole dollar. 4. Prepare appropriate journal entries for Center Stage Productions from the beginning of the lease on January 1, 2021 through December 31, 2021. Be sure to show your dates on ALL journal entries. Round your answers to the nearest whole dollar