Charles Corporation has just signed a 144-month lease on a new equipment with a 15 year life. The minimum lease payments are $5,800 per month and are to be discounted back to the present at a 7.0 percent annual discount rate (which you must convert to a monthly rate to do the calculations on your Texas Instruments BAII Plus calculator). The estimated fair value of the equipment is $575,000. The Lessee does not have a bargain purchase option or any stated transfer of ownership at the end of the lease period. Calculate the lease period as a percentage to the estimated life of the leased equipment. Calculate the present value of lease payments as a percentage to the fair value of the a. b. equipment. c. Should the lease be recorded as a capital lease or an operating lease? Address all 4 criteria from the text on page 523 to answer this