On January $1,2023,$ Puss Inc. enters into a seven$-$year non$-$cancellable lease with Ding Ltd$.$ for machinery having an estimated useful life of nine years and a fair value of $$4,300,000.$ Puss$$s incremental borrowing rate is $8\%$ and Ding$$s implicit rate is $6\%.$ Puss uses the straight$-$line depreciation method to depreciate assets. Puss will make annual lease payments on January $1$ of each year. The lease includes a guarantee by Puss Inc. that Ding Ltd$.$ will realize $$100,000$ from selling the asset at the expiration of the lease, which Puss expects to pay. Both companies adhere to IFRS. Instructions a$)$ Calculate the lease payment Ding Ltd$.$ will charge Puss $($assuming no mark$-$up of the machinery from fair value$).$ Round to the nearest dollar. b$)$ Calculate the present value of the lease payments. Round to the nearest dollar. c$)$ What kind of lease is this to Puss Inc.? Why? d$)$ Present the journal entries that Puss Inc. would record during the first year of the lease. Round to the nearest dollar.