On January 1, 2018, Company X' signed a 5-year lease agreement to lease a cold storage building. Annual payments are OMR 24,000 at the beginning of each year. At the end of the lease, the title of the building will be will be transferred to the lessee. The Cold Storage building has a useful life of 5 years and has no residual value. At the time of the lease agreement, the Building had a fair value of OMR 100,000. An interest rate of 10 % is applied and straight-line method of depreciation is used to depreciate the building. Find out the type of lease? What is the value of leased building to be recorded in the books of lessee on Jan 1 2018? Prepare the amortization table. Record journal entries for the first year (2018) in the books of lessee