Find the lease payment and fill out the journal entries for a thumbs up

On january 1, Lessee inc. kased equlipmenc ac an annual payment of $85,099 payable at the beginning of cach year for 4 years. The equipment nad a falr walue of $400,000, a book value of $375,000, and was commonly purchased or leased by customers. The lessor estimeless that the equipment has an eslimaled useful life ol 8 years and an estimated residual value or $125,000, not guaranteed by the lessee. Lessor's implicil rele is 7.5%, which is unknown to the lessee. The lessee's incremental borrowing rate is 8t.. The lease does not contain a purchase option or a renewal option. The lessee had no ather costs ascociated with this lease. Required a. Recalculate the lessor's lease paymert. - Note: Ruund answer to the nearest volder. - Note: Da nat use a negative sign with your answer. Lease faynrertt b. Prepare the entries for the lessor for the year, assuming thas the lessor uses the straight-line method to depreciate fixed assets. c. If the lessor incurred a commiss ion to secure the acceptance of the lease agreement for 51, con, what entry would be required by the lessor on January 1 and becember 317 d. How would the lease be classified if instead, the lessee guaranteed a residual value of $80,000 ? Leyse clessification considering gueranteed resicual walue