On December 31, 2019, Metlock Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for Metlock to make annual payments of $11,621 at the beginning of each year, starting December 31, 2019. The machine has an estimated useful life of 8 years and a $6,100 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. Metlocks incremental borrowing rate is 7%, and the lessors implicit rate is unknown. Click here to view factor tables. (a) Your Answer Correct Answer Correct answer icon Your answer is correct. What type of lease is this for the lessee? This is a/an select a type of lease finance lease. eTextbook and Media Solution List of Accounts Attempts: 2 of 2 used Using multiple attempts has impacted your score. 15% score reduction after attempt 1 (b) Compute the present value of the lease payments. (For calculation purposes, use 5 decimal places as displayed in the factor table provided and round final answer to 0 decimal places e.g. 5,275.) Present value of the lease payments $