Ignore my answers for the journal entry portion those are incorrect

Part II. Eubank following data are relevant to the lease agreement: 1. The term of the noncancelable lease is 4 years, with no renewal option. Payments of Company, as lessee, enters into a lease agreement on July 1, 2014, for equipment. The $782,757 are due on July 1 of each year 2. The fair value of the equipment on July 1, 2014 is $2,800,000. The equipment has an economic life of 6 years with no salvage value. 3. Eubank depreciates similar machinery it owns on the straight-line basis 4. The lessee pays all executory costs. 5. Eubank guarantees the residual value of $200,000. 5. Eubank's incremental borrowing rate is 10% per year. The lessee is aware that the lessor used an implicit rate of 8% in computing the lease payments Note: Present value factor-Annuity clue for 4 periods at 8%, 3.57710: at 10%, 3.48685. Present value factor-Single sum for 4 periods at 8%, 0.73503; at 10%, 0.68301 (a) Indicate the type of lease Eubank Company has entered into and what accounting treatment 75 2, Copie use (b) Prepare the journal entries on Eubank's books that relate to the lease agreement for the following dates: (Round all amounts to the nearest dollar. You can use a partial amortization July 1, 2014 December 31, 2014. Stoyu 0