Ivanhoe Fibreglass Corp. (IFC) is a private New Brunswick company, using ASPE, that manufactures a variety of fibreglass products for the fishing and food services industry. With the traditional fishery in decline over the past few years, IFC found itself in a tight financial position in early 2023. Revenues had levelled off, inventories were overstocked, and most operating costs were increasing each year. The Royal Montreal Bank, which IFC has dealt with for 20 years, was getting anxious because IFC's loans and line of credit were at an all-time high, with the most recent loan carrying an interest rate of 15%. In fact, the bank had just recently imposed stipulations on IFC that prevented the company from paying out any dividends or increasing its debt to equity ratio above current levels without the bank's prior approval. The vice-president of finance, Joe Blowski, CPA, knew that, with aggressive investment in new equipment, the company could go after new markets in the construction industry. He had investigated the cost of the necessary equipment and found that $50,000 of new capital investment would allow the company to get started. All it needed was the financing. Joe set up appointments with Kirk Cullen, the loans officer at the provincial Industrial Development Bank, and with Heidi Hazen, the manager of the local office of Municipal Finance Corp. Kirk was very receptive to Joe's request. He indicated that the Industrial Development Bank would be interested in working with IFC and could provide him with a lease on the equipment he identified. Heidi also welcomed the business, suggesting a lease arrangement between Municipal Finance and IFC as well. Two days later, Joe had proposals from both lenders. You are an accounting major and co-op student placed with IFC for your final work term. Joe provides you with the two proposals and asks you to review them and give him your analysis and recommendation on which proposal to accept, if either. The details of the two proposals are as follows: Identify the balances and classification of amounts that Ivanhoe Fibreglass Corp. will report on its statement of financial position, and the amounts on its income statement and statement of cash flows related to both leases. (Round factor values to 5 decimal places, e.g. 1.25124 and final answers to 0 decimal places, e.g. 5,275. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Show amounts that decrease cash flow with either a sign e.g. 15,000 or in parenthesis e.g. (15,000)