On January 1, 2013, Industria Fonseca SA takes a piece of equipment on lease with Arrendadora del Norte, under the following conditions: 1. The contract is for five years, non-cancelable, 2. Equal rents of L 88,714.63 are stipulated, which expire at the end of each year starting December 31, 2013. In addition to the rent, an annual insurance premium of L 10,000 must also be paid to the Landlord. 3. The equipment had a fair value of L. 315,000.00 as of January 1, 2013 and an estimated economic life of 5 years, it also contains a purchase option at the end of the contract of L. 20,000, which is executed. 4. Industria Fonseca SA's incremental loan rate is 18% annually; Arrendadora del Norte's implicit rate is 16%, this is known by Industria Fonseca SA Instructions: (Work in the lessee's books)
a) Describe the nature of the lease contract and evaluate the criteria.
b) Prepare the amortization table, covering the lease term. 
c) Make all journal entries for the year 2013 and 2014
d) Make all journal entries corresponding to the year 2017, taking into account that Industria Fonseca SA makes use of the purchase option