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On December 31, 2024, Metlock Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Metlock to make annual payments of $8,176 at the beginning of each year, starting December 31,2024 . The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Metlock uses the straight-line method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is 8%, and the lessor's implicit rate is unknown. Click here to view factor tables. (a) Your answer has been saved. See score details after the due date. What type of lease is this? Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor provided and round final answer to 0 decimal places e.g. 5,275.) Present value of the lease payments $ Prepare all necessary journal entries for Windsor for this lease through December 31, 2025. (List all debit entries before credit entries. Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places e.g. 5,275.) Di