LO15-3 Case 4: Classification and Recording in Lessor and Lessee's books On January 1, 2021, Sans Serif Publishers leased printing equipment from CompuDec Corporation The lease agreement specifies six annual payments of $100,000 beginning January 1, 2021, the beginning of the lease, and at each December 31 from 2021 through 2025. The six-year lease term ending December 31, 2026, is equal to the estimated useful life of the equipment. CompuDec manufactured the equipment at a cost of $350,000. Interest rate of 10% was used for financing this transaction. a) How would you classify the lease transaction in the book of the lessee and in the book of the lessor? b) Record the transaction in the book of Sans Serif Publishers (lessee) and c) Record the transaction in the book of CompuDec Corporation (Lessor) d) Record the transaction in both books assuming that the PV of the annual payments is equal to $350,000