Cheyenne Corporation entered into a lease agreement on January 1, 2020, to provide Oriole Company with a piece of machinery. The terms of the lease agicement were as follows. 1. The lease is to be for 3 years with rental payments of $9,563 to be made at the beginning of each year. 2. The machinery has a fair value of $59,200, a book value of $49,200, an end-of-life salvage value of $0, and an economic life of 8 years. 3. At the end of the lease term, both parties expect the machinery to have a residual value of $40,700, none of which is guaranteed. 4. The lease does not transfer ownership at the end of the lease term, does not have a bargain purchase option, and the asset is not of a specialized nature. 5. The implicit rate is 6%, which is known by Oriole. 6. Collectibility of the payments is probable. 7. Assume that the lessor uses straight-line depreciation. Click here to view factor tables. Evaluate the criteria for classification of the lease, and describe the nature of the lease. For the lessee, it is a , and for the lessor, it is a Attempts: 0 of 2 used (b) The parts of this question must be completed in order. This part will be available when you complete the part above