Can you Support your conclusions with Topic 842 in the Codification and provide appropriate citations for each questions please?

Basically i need citations that explain how you got anwers for each questions

Using this database as a resource, please respond to the scenarios listed below. Please respond by number and write in professional language. Use the guidance in the Accounting Standards Codification - the repository for GAAP. You may use very short sections of this document, or other parts of the ASC, If appropriately cited. However, my interest is seeing that you can explain accounting guidance, and not that you can simply copy and paste references. Please provide an appropriate citation for the exact location where you found your information for each question. You may cite in this format: ASC 842-10-55-31 and you do not need to include the Accounting Standards Codification on a Works Cited page. You are also welcome to use other sources if properly documented, including inclusion on a Works Cited page. If you need assistance, please be sure to take advantage of the Writing Center's services. I would expect that a well written and appropriately detailed response would be at least 3 pages double-spaced. However, it's entirely possible to write 4 pages and not hit the key points. Please submit your assignment as an attachment to an email with Intermediate 2 Assignment 3 in the subject line. As always, this should be entirely your own work. 2. Big Corporation enters into a 6 -year lease of equipment with Tiny Company, receiving annual lease payments of $9,500, payable at the end of each year. Tiny provides a residual value guarantee of $13,000. The equipment has a 9-year estimated remaining economic life, a carrying amount of $54,000, and a fair value of $62,000 at the commencement date. Big expects the residual value of the equipment to be $20,000 at the end of the 6 -year lease term. The lease does not transfer ownership of the underlying asset to Tiny or contain an option for Tiny to purchase the underlying asset. Big incurs $2,000 in initial direct costs in connection with obtaining the lease, and no amounts are prepaid by Tiny to Big. The rate implicit in the lease is 5.5 percent. However, Big Corporation has serious concerns as to the collectability of the lease as the lessee intends to make the lease payments primarily from income from the business in which the equipment will be used. There is considerable competition in the industry and Tiny Company has limited experience. a. Upon the inception of the lease, how should Big classify this lease? (Please provide a citation that supports your conclusion.) b. At the end of year 1 , Tiny makes the first payment, but it is still not probable that all payments will be collected. How is this payment recorded? c. At the end of year 4 , Tiny makes the annual payment and collectability on the remainder of the lease is now likely. How should Big record this transaction? Using this database as a resource, please respond to the scenarios listed below. Please respond by number and write in professional language. Use the guidance in the Accounting Standards Codification - the repository for GAAP. You may use very short sections of this document, or other parts of the ASC, If appropriately cited. However, my interest is seeing that you can explain accounting guidance, and not that you can simply copy and paste references. Please provide an appropriate citation for the exact location where you found your information for each question. You may cite in this format: ASC 842-10-55-31 and you do not need to include the Accounting Standards Codification on a Works Cited page. You are also welcome to use other sources if properly documented, including inclusion on a Works Cited page. If you need assistance, please be sure to take advantage of the Writing Center's services. I would expect that a well written and appropriately detailed response would be at least 3 pages double-spaced. However, it's entirely possible to write 4 pages and not hit the key points. Please submit your assignment as an attachment to an email with Intermediate 2 Assignment 3 in the subject line. As always, this should be entirely your own work. 2. Big Corporation enters into a 6 -year lease of equipment with Tiny Company, receiving annual lease payments of $9,500, payable at the end of each year. Tiny provides a residual value guarantee of $13,000. The equipment has a 9-year estimated remaining economic life, a carrying amount of $54,000, and a fair value of $62,000 at the commencement date. Big expects the residual value of the equipment to be $20,000 at the end of the 6 -year lease term. The lease does not transfer ownership of the underlying asset to Tiny or contain an option for Tiny to purchase the underlying asset. Big incurs $2,000 in initial direct costs in connection with obtaining the lease, and no amounts are prepaid by Tiny to Big. The rate implicit in the lease is 5.5 percent. However, Big Corporation has serious concerns as to the collectability of the lease as the lessee intends to make the lease payments primarily from income from the business in which the equipment will be used. There is considerable competition in the industry and Tiny Company has limited experience. a. Upon the inception of the lease, how should Big classify this lease? (Please provide a citation that supports your conclusion.) b. At the end of year 1 , Tiny makes the first payment, but it is still not probable that all payments will be collected. How is this payment recorded? c. At the end of year 4 , Tiny makes the annual payment and collectability on the remainder of the lease is now likely. How should Big record this transaction