Elizabeth Leasing Company, a manufacturer of equipment, enters into a lease of specialized equipment with Essex Corp. on January 1, 2020. Title to the asset remains with Elizabeth Leasing Company upon lease expiration, Essex Corp. does not guarantee the residual value of the specialized equipment at the end of the lease term, and the lease contains no renewal or purchase options. The lessor classifies the equipment as inventory prior to the lease arrangement. The following information pertains to the lease. Lease term: 5 years Economic life of the leased equipment: 6 years Annual lease payments: $2,416 Payment date: Annually on Jan. I starting on Jan. 1, 2020 Fair value of the leased equipment: $11,440 Elizabeth Leasing Company's carrying value of the leased equipment: $9,900 Rate implicit in the lease (known by Essex Corp): 6% Unguaranteed residual value of the equipment at the end of the lease: $880 Expected residual value of the equipment at the end of the lease: $800 . . . - PV of Single Sum PV of Annuity Duc PV of Ordinary Annuity 4.21236 nes 1.74726 4,46511 1 -6% Required: (Round your answers to the nearest whole dollar) a. Determine the classification of the lease to Elizabeth Leasing Company b. Determine the classification of the lease to Essex Corp. c. Determine the gross profit recorded by Elizabeth Leasing Company at the inception of this lease d. Determine the initial lease receivable amount recorded by Elizabeth Leasing Company at the inception of this lease e. Determine the initial Sales Revenue amount recorded by Elizabeth Leasing Company at the inception of this lease. f. Determine the interest revenue amount recorded by Elizabeth Leasing Company in 2020, g. Determine the initial lease liability amount recorded by Essex Corp. at the inception of the lease. h. Determine the interest expense amount recorded by Essex Corp. in 2020. i. Determine the amortization expense recorded by Essex Corp in 2020. j. Determine the interest expense amount recorded by Essex Corp. in 2021