On December 31, 2019, Shamrock Corporation signed a 6-year, non-cancelable lease for a machine. The terms of the lease called for Shamrock to make annual payments of $12,165 at the beginning of each year, starting December 31, 2019. The machine has an estimated useful life of 8 years and a $5,700 unguaranteed residual value. The machine reverts back to the lessor at the end of the lease term. Shamrock uses the straight-line method of depreciation for all of its plant assets. Shamrocks incremental borrowing rate is 8%, and the lessors implicit rate is unknown. Click here to view factor tables. (a) What type of lease is this for the lessee? This is a/an select a type of lease lease. (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 $enter the present value of the lease payments in dollars rounded to 0 decimal places