Gamma Corporation, a retail chain, enters into a lease agreement to rent a commercial property for its store operations. The lease agreement spans 10 years with annual lease payments of $50,000, payable at the beginning of each year.

Analyze the lease agreement from the lessee's perspective and determine whether it qualifies as a finance lease or an operating lease under the updated lease accounting standards (ASC 842). Assuming Gamma Corporation's incremental borrowing rate is 6%, calculate the present value of lease payments and provide journal entries to record the lease on the lessee's books for the first year.

Delta Corporation uses the Last-In, First-Out (LIFO) method to value its inventory. At the beginning of the year, Delta Corporation had 5,000 units in inventory with a cost of $10 per unit. During the year, the company made the following inventory purchases:

• January: 2,000 units at $12 per unit
• May: 3,000 units at $15 per unit
• September: 4,000 units at $18 per unit

If Delta Corporation sold 12,000 units during the year, calculate the cost of goods sold and ending inventory value using the LIFO method.