Following is data pertaining to a lease entered into on January $1,2013$ between Tea Co$.($Lessee$)$ and Biscuit Ltd$.($Lessor$)$:Lease termAsset's economic lifeDate lease agreement is signed and lease starts January $1,2013$Lessor's implicit rateLessee's incremental borrowing rateAnnual lease payment, beginning of yearCost of asset to lessor Fair market value of asset at time of leaseUnguaranteed Residual Value after lease period$91310\%12\%$$$18,500$$$120,000$$$120,000$$$14,500$years, non$-$cancellable yearsThe credit rating of Tea Co$.$ is excellent and there are no cost uncertainties by Biscuit Ltd$.$ There is no guaranteed residual value or bargain price option and the asset will revert back to lessor at the end of the lease term.The asset is expected to have no residual value at the end of its economic life.First lease payment is made on January $1,2013$ Biscuit Ltd$.\text{'}$s implicit rate is known to Tea Co$.$Both companies follow ASPE, have December $31$ year$-$ends and use the straight$-$line depreciation method for all depreciable assets.Determine the type of this lease for Tea Co$.($Lessee$)$Fill in the yellow cells with your answerEconomic life testPresent value testhint: calculate and put $\%$ in cell D$181$hint: calculate and put $\%$ in cell D$182$Transfer of title testBargain purchase option testFor Tea Co$,$ this isJournal Entry: Create Journal Entries for the following dates.DebitCreditJan $1,2013$CashDec $31,2013($Interest Expense$)$Dec $31,2013($Depreciation Expense$)$