Noel Company leases $25$ cell phones for three years. The rent for the phones is $$1,700$ a month for $36$ months $($$$61,200$ in total$).$ The fair value of the leased phones is $$65,000.$ Noel has a $5\mathrm{.}5\%$ incremental borrowing rate and the PV of the lease payments is $$56,557.$

Required:

a$.$ How would Noel have recorded this transaction under SFAS No$.13?$

b$.$ How should Noel record this transaction under FASB ASC $842?$