Can someone help me with this? I have gone through the text sample problems, but none of them really relate to the questions being asked. It is confusing me to no end.

McMaster University Centre for Continuing Education Intermediate Accounting II 570-417 Unit III Assignment Jeffrey O'Leary Instructions When submitting an assignment be sure to prepare and submit the assignment electronically in either Word or Excel Format, however submit only ONE document. When composing paragraphs, double space and use proper grammar and language at all times. Be sure document is formatted in a manner that allows comments to be entered easily. Include your name, course, and assignment number in the file name, eg. JohnDoe_AssignIII_IFAII_570417 Submit your completed assignment via A2L no later than the date specified. This assignment consists of 3 problems with 48 marks in total. Please ensure you complete all questions and clearly number each response. Problem 1 (17 Marks) On January 1, 2014, Garfield Corp. (lessor) entered into a noncancellable lease agreement with Odie Corp. (lessee) for machinery which was carried in Garfield's accounting records at $2,265,000 and had a fair value of $2,400,000. Minimum lease payments under the lease agreement, which expires on December 31, 2023, total $3,550,000. Payments of $355,000 are due each January 1. The first payment was made on January 1, 2014 when the lease agreement was finalized. The interest rate of 10% which was stipulated in the lease agreement is the implicit rate set by the lessor. The effective interest method is being used. Odie expects the machine to have a ten-year life with no residual value, and be depreciated on a straight-line basis. Collectibility of the rentals is reasonably assured, and there are no important uncertainties surrounding the costs yet to be incurred by Garfield. Both entities are small private corporations that follow ASPE. Instructions a. From the lessee's viewpoint, what kind of lease is the above agreement? From the lessor's viewpoint, what kind of lease is the above agreement? b. Ignoring income taxes, what should be the income reported by Garfield from the lease for calendar 2014? c. Ignoring income taxes, what should be the expenses incurred by Odie from this lease for the calendar 2014? d. What journal entries should be recorded by Odie Corp. on January 1, 2014? e. What journal entries should be recorded by Garfield Corp. on January 1, 2014? Problem 2 (16 Marks) Preparation of a pension worksheet and pension entries The accountant for Camberwell Ltd. has developed the following information regarding the company's defined benefit pension plan for calendar 2014: Service cost $ 600,000 Actual return on plan assets 315,000 Contributions 1,080,000 Benefits paid to retirees 72,000 Interest (discount) rate 10% The corporation uses the immediate recognition approach under ASPE. Instructions a. Using the above information, complete the pension work sheet below for 2014. Indicate credit entries by parentheses, e.g. (72,000). b. Prepare the journal entries to reflect the accounting for the company's pension plan for the year ended December 31, 2014. Problem 3 (15 Marks) On January 1, 2014, Vermont Ltd. reported the following balances relating to their defined benefit pension plan: Defined benefit obligation ........................ $1,600,000 Fair value of plan assets .......................... 1,600,000 Other data related to the pension plan for calendar 2014 are: Current service cost ................................ 70,000 Contributions to the plan ......................... 102,000 Benefits paid ......................................... 100,000 Actual return on plan assets .................... 96,000 Interest (discount) rate ........................... 9% Vermont uses the immediate recognition approach. Instructions a. Calculate the defined benefit obligation at December 31, 2014. b. Calculate the fair value of plan assets at December 31, 2014. c. Calculate pension expense for 2014. d. Prepare the journal entries to record the pension expense and the contributions for 2014