On January 1, 2020, a machine was purchased for $394,000 by Kingbird Leasing Co. The machine is expected to have a 10 -year life with no salvage value. It is to be depreciated on a straight-line basis. The machine was leased to Blossom Inc. for 3 years on January 1 , 2020 , with annual rent payments of $70,280 due at the beginning of each year, starting January 1,2020 . The machine is expected to have a residual value at the end of the lease term of $259,000, though this amount is unguaranteed. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) (a1) Your answer is correct. What is the lease classification for the lessor? eTextbook and Media Prenare the 2020 inurnal entries for the lessor