For Q 15-1 it is asking to determine the appropriate lease classification by the lessee and to indicate why

$75,000 beginning January 1, and each December 31 thereafter through 2029. A 10-year service a of $4,000 annually are related to the equipment. Both amounts were to be paid by the lessor and can pay scheduled to provide maintenance of the equipment as required for a fee of $5.000 per year. Insurance sement effects Each of the four independent situations below describes a lease requiring annual lease payments of S10 annual payment On January 1, 2021. Jasper 12 rate of return for providing long-term financing On June 10, 2001 BE 15-19 Nonlease payments LO15-2. LO15-7 reflect both expenditures. At what amount will Jasperse record a right-of-use assen? Spelease lessor balance and income LOTS 3 connect Atlantic'since Builders man Reguleed 1 Determine the June 30.12 2. What amount (ignore lates 3. What line iter December Exercises E 15-1 Lease classification .LO15-1 each situation, determine the appropriate lease classification by the lessee and indicate why Situation 1 2 3 4 4 (Note: 15 Manufacturers purchased the 4 5 $45.000 6 $44.000 4 6 $41,000 615-6 France lease lesen 1015-2 $38.000 Relat Lease term (years) Asset's useful life (years) Asset's fair value Purchase option that is reasonably certain to be exercised? Annual lease payments Lessor's implicit rate (known by lessee) Lessee's incremental borrowing rate No Beg of y Yes End of y No No Beg. of yt. End of y Ou 5 5% 5 E 15-2 Finance lease, calculate lease payments LO15-2 American Food Services, Inc. leased a packaging machine from Barton and Burton Corporation. Butonul Barton completed construction of the machine on January 1, 2021. The lease agreement for the S1 million (ie value and present value of the lease payments) machine specified foar equal payments at the end of each year, The useful life of the machine was expected to be four years with no residual value. Barton and Barton's implied interest rate was 10% Required: 1. Prepare the journal entry for American Food Services at the beginning of the lease on January 1, 2021 Prepare a