I need help with these questions for the Accounting to solve those.

Franny #2 Franny Company, as lessee, enters into a lease agreement on January 1, 2017, to lease equipment. The following data are relevant to the lease agreement. The term of the noncancellable lease is three years, with no renewal option. Payments of $1,000 are due on January 1, of each year. , The fair value of the equipment on January 1, 2017 is $3,300. The equipment has an estimated economic life of three years, and the estimated residual value in 3 years is $0. The equipment reverts back to the lessor at the termination of the lease and is expected to have use to the lessor. Franny's incremental borrowing rate is 10% per year and the lessor's implicit rate is not known. Instructions: 1. Indicate the type of lease Franny has entered into 2. Prepare the journal entries on Franny's books related to the lease agreement for the following dates: (round all amounts to the nearest dollar. Include a partial amortization schedule) a. January 1, 2017 b. December 31, 2017 C. January 1, 2018