$($ Lessee Computations and Entries; Finance Lease with Guaranteed Residual Value $)$Trident Architects, LP leases an automobile with a fair value of $ $32,000$from Hub City Motors Inc., on the following terms: $1.$Non $-$ cancelable term of $48$months$.2.$Rental of $ $600$per month $($ at the beginning of each month $).($ The present value at $0.5\%$per month is $ $25,676.)3.$Trident guarantees a residual value of $ $7,000($ the present value $ $7,000$at $0.5\%$per month is $ $5,510).$Trident expects the probable residual value to be $ $7,000$at the end of the lease term. $4.$Estimated economic life of the automobile is $60$months$.5.$Trident $$ s incremental barrowing rate is $6\%$a year $(0.5\%$a month $).$Hub city $$ s implicit rate is unknown. Instructions $($ Round all numbers to the nearest dollar $)$ a $.$What is the nature of this lease to Trident? b $.$What is the present value of the lease payments to determine the lease liability? c $.$Based on the original fact pattern, record the lease on Trident $$ s book at the date of commencement. d $.$Record the first month $$ s lease payment $($ at commencement of the lease $).$ e $.$Record the second month $$ s lease payment. f $.$Record the first month $$ s amortization on trident $$ s books $($ assume straight $-$ line $)$ g $.$Suppose that instead of $ $7,000$Trident $$ s the residual value to be only $ $4,000($ the guaranteed amount is still $ $7,000).$How does the calculation of the present value of the lease payments change from part $($ b $)?$