Delta and Lufthansa Airlines Delta Airlines enters into a eight-year agreement to lease a 777 aircraft from Boeing for annual lease payments of $20,955,000. The lease payments are made at the end of each of the eight years of the lease. The rate of interest implicit in the lease is 6%. This is an operating lease. a. What journal entry does Delta make at the inception of the lease? b. What journal entry does Delta make when it makes its first lease payment? c. How much expense does Delta recognize in the first year of the lease, and how is it characterized on Delta's financial statements? d. After the first year, what is Delta's lease liability and right-of-use asset. e. Now suppose Lufthansa enters into the same transaction. This is a finance lease because Lufthansa reports under International Financial Reporting Standards (IFRS), which treats all leases as finance leases Repeat your answers to parts a-d for Lufthansa