Gilliam Co. has the following rental agreements. You have been asked to advise the accounting treatment for each of these items. In the associated cells, indicate whether each of these agreements is an operating lease, finance lease, or short-term lease. 1. Gilliam rents equipment for three years for $20,000 per year. The equipment is valued at $200,000. At the end of the rental term the equipment must be returned to the dealer. 2. Gilliam rents equipment for five years for $80,000 per year. At the end of the rental term, Gilliam can purchase the equipment for $500. At the date the contract was signed the equipment had a value of $300,000. At the end of five years, it is expected the equipment will have a value of $42,000. 3. Gilliam received six months of free rent on an office building it was leasing for two years. Rent is normally $1,500 per month. 4. Gilliam rents equipment for eight years. The present value of the lease payments are $80,000. The market value of the equipment is $90,000 and the useful life of the equipment is ten years. 5. Gilliam rents equipment for ten years. At the end of the lease Gilliam