On August 1, 2021, PC Inc. signed a 4-year non-cancellable lease agreement to lease machinery from A&A Company. A&A Company is in the business of selling and leasing machinery. Both the lessor and the lessee are publicly accountable corporations that follow IFRS. The following information is available regarding this lease agreement: a. The lease agreement requires equal payments of $57,614 at the end of each year, starting August 1, 2022 b. On August 1, 2021, the fair value of the leased asset is $197.000. The cost of the leased asset to A&A Company is $96,000. c. The leased asset has an estimated useful life of 5 years, with no residual value. d. PC Inc. uses straight-line depreciation to account for all of its depreciable assets. e. At the end of the 4-year lease period, PC Inc. can purchase the leased asset for $8,400. f. The leased asset is expected to have a fair value of $20,300 at the conclusion of the lease term. g. PC Inc.'s incremental borrowing rate is 5%. h. A&A Company has an implicit rate of 8%. This implicit rate is known to PC Inc. i. PC Inc. has a December 31 year end. Required: 1. What type of lease is this from the perspective of PC Inc.? Provide your rationale. (1.5 marks) 2. Calculate the present value of the minimum lease payments from the perspective of PC Inc. (2 marks) 3. Prepare an amortization schedule covering the first 2 lease payments. marks) 4. Prepare any journal entries required for PC Inc. on each of the following dates: August 1, 2021 (1 mark) December 31, 2021 (4.5 marks) August 1, 2022 (2 marks)