Dewey Cheatum Corporation (DCC) signed a five-year non-cancellable lease for a piece of machinery on September 1, 2020. The terms of the lease call for DCC to make annual payments of $13,668 at the beginning of each lease year, starting on September 1, 2020. The fair value of the machinery on Sept 1, 2020 was $79,000. The machinery has an economic life of seven years and reverts back to the lessor at the end of the lease term. DCC uses the straight-line method of depreciation for all of its plant assets, has a calendar year end. DCCs incremental borrowing rate is 10%, and the lessors implicit rate is unknown. DCC adheres to ASPE reporting standards. Instructions: a) Calculate the PV of the future lease payments. b) Using the ASPE criteria, explain what type of lease this is (i.e. capital or operating). Evaluate ALL of the criteria (there are three) based on the information provided above. structure your response in this way to be eligible for full marks: Criteria (this is a copy/paste) Indicate whether the criteria is met or not met Using information from the above question, explain why it is met or not met. Once you have completed the evaluation, provide your conclusion as to the treatment (Capital or operating). c) Prepare all of the necessary journal entries for Dewey Cheatum Corporation for this lease, based on your reasoning in part (b) for 2020 only, including any year-end adjusting entries (if there are any).