Databay Company, a lessee, enters into a lease agreement on july 1, 2012, for equipment. The following data are relevant to the lease agreement The term of the noncancelable lease is four years, with no renewal option. Payments of $84, 378 are due on June 30'' of each year. The equipment has an economic life of 6 years with no salvage value. Databay depreciates similar machinery its own on the straight-line basis. The lessee pays all executory costs Databay's incremental borrowing rate is 10% per year. The lessee is aware that the lessor used an implicit rate of 8%. The fair value of the equipment is $2, 800, 000 Indicate the type of lease that Databay Co. has entered into and what accounting treatment Is applicable. Prepare the journal entries on Databay's books that relate to the lease agreement for the following dates: (Round all amounts to the nearest dollar. Include partial amortization schedule). July 1. 2012 December 31, 2012 June 30, 2013 December 31, 2013