On December 31, 2019, Metlock Corporation signed a 5-year, non-cancelable lease for a machine. The terms of the lease called for Metlock to make annual payments of $8,482 at the beginning of each year of the lease, starting December 31,2019. The machine has an estimated useful life of 6 years and a $5,000 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Metlock uses the straight-line method of depreciation for all of its plant assets. Metlock's incremental borrowing rate is 5%, and the lessor's implicit rate is unknown. (a) Your answer is correct. What type of lease is this? 38559 (To record the lease) Lease Liablity (To record first lease payment) Amortization Expense Right-of-Use Asset (To record amortization of the right-of-use asset) Interest Expense Lease Liability 8482 7712 1504 Cash (To record interest expense)