On August 1, 2016, Adam Dino (AD) leased 250 vehicles to Bird Crows (BC) under the following terms (both AD and BC are IFRS compliant): A non-renewable lease contract with annual lease payments beginning at the inception of the lease, August 1, 2016. Fair value of each vehicle on August 1, 2016: $20,000 Cost of each vehicle to AD: $20,000 Estimated useful life of each vehicle in years: 7 years Lease term: 5 years Guaranteed Residual Value per vehicle at end of lease term $2,000 Interest rate implicit in the lease (known to lessee): 8% The credit risk is normal and the non-reimbursable costs related to the lease can be reasonably estimated by AD. On August 1, 2021, BC returned the fleet of vehicles described above to AD. An independent appraiser valued the vehicles at $2,500 each. On September 1, 2021, AD leased 50 new vehicles at a total retail value of $590,000 (disclosed to the lessee) under the following terms to Dragon Cave (DC), a private entity which follows ASPE: A non-renewable lease contract with ownership reverting to the lessor Annual lease payments beginning on September 1, 2021: $122,878 Estimated useful life of each vehicle in years: 7 years Lease term: 5 years Unguaranteed Residual Value per vehicle at end of lease term $2,500 Interest rate implicit in the lease (known to lessee): 10% Required: 1. Prepare the lease transaction journal entries for AD on: a. December 31, 2016 (AD's year end date) b. August 1, 2021 2. Prepare all the lease transaction journal entries for DC in 2016 assuming its fiscal year ends on November 30, 2021 and it uses straight-line depreciation for all fixed assets.