help with question number 3 and 4

You work for Alberta Construction Equipment tid. (ACEU), a publichy-traded company that follows IfRS. You have collected the foliowing information about a lease for a fleet of trucks used by ACEL to transport completed manufactured equipment to warehouses and customers across the country. The trucks have an economic useful life of eight years. The lease term is from July 1, 2022, to June 30, 2029, and the company intends to lease the equipment for the entire seven year lease term. The lease payment per year is 5747,500 , payable in advance, with no other payments required, and no renewal option or purchase option avalable. The expected value of the fieet of trucks at june 30 , 2029 , is $492,750; this value is fuaranteed by ACEL. The leased trucks must be returned to the lessor at the end of the lease. Acel's manasement is confident that, with an ageresswe maintenance prosram, they have every reason to believe that the assets' residual value will be more than the guaranteed amount at the end of the lease term. Acet's incremental borrowing rate is 8.25%, and the rate implicit in the lease is not known. At the time the lease was signed, the fair value of the leased trucks was $3,920,250. RtQUIRED 1. Identify the type of lease that is involved and give reasons for your clasmication, based on the original information. 2. Deterinine the PV of the future cash flows under the lease at July 1, 2022. Be sure to show your work and all supporting calculations! 3. Prepare an amortiation schedule for the lease lablity over the term of the lease. Round all amounts to the nearest dollar. 4. Prepare the journal entries and amy year-end (December 31st) adjustine joumal entries made by ACFL in 2022 and up to and including fuly 1,2023 . Round a: amounts to the nearest dollar