On January 1, 2022, Tom's Appliance Company leased delivery trucks from Capital Leasing. The lease agreement calls for Tom's Appliance to make semiannual lease payments of \$14,281.53 over a four-year lease term, payable June 30 and December 31, with the first lease payment due on January 1,2022 . Tom's Appliance incremental borrowing rate is 8%, the same rate Capital Leasing uses to calculate the lease payment amounts. The lease does not provide for any ownership transfer or option to purchase the delivery trucks. Amortization is recorded on a straight-line basis at the end of each fiscal year, which is December 31st. The fair value of the delivery trucks is $100,000 at January 1,2022. Requirement 1: 1-1 Determine and provide documentation to identify this lease as either a Financing lease or an Operating lease for the leasee's accounting (Tom's Appliance). 1-2 Determine the present value of the lease payments (to the nearest dollar). 1-3 Prepare the Amortization Schedule for the Leasee. 1-4 Prepare the January 1, 2022, June 30, 2022, and the December 31, 2022 journal entries required for this lease, including amortization. Requirement 2: Assume that Capital Leasing purchased the delivery trucks for $100,000 on January 1, 2022 and delivered the delivery trucks to Tom's Appliances on that same date. 2-1 Identify and explain whether Capital Leasing will classify this lease as Sales Type without selling profit, Sales Type with selling profit, or an Operating Lease. 2-2 Prepare the January 1, 2022 journal entries that Capital Leasing would make to acquire the delivery trucks, lease the delivery trucks, and receive the first lease payment. 2-3 Prepare the June 30, 2022 and December 31, 2022 journal entries that Capital Leasing Requirement 2: Assume that Capital Leasing purchased the delivery trucks for $100,000 on January 1, 2022 and delivered the delivery trucks to Tom's Appliances on that same date. 2-1 Identify and explain whether Capital Leasing will classify this lease as Sales Type without selling profit, Sales Type with selling profit, or an Operating Lease. 2-2 Prepare the January 1, 2022 journal entries that Capital Leasing would make to acquire the delivery trucks, lease the delivery trucks, and receive the first lease payment. 2-3 Prepare the June 30, 2022 and December 31, 2022 journal entries that Capital Leasing would record for the lease. Requirement 3: Assume Capital Leasing constructed the delivery trucks at a cost of $60,000 and then leased the delivery trucks to Tom's Appliances under the terms listed in Requirement 1. 3-1 Identify and explain whether Capital Leasing will classify this lease as Sales Type without selling profit, Sales Type with selling profit, or an Operating Lease. 3-2 Prepare the January 1, 2022 journal entries that Capital Leasing would make to lease the delivery trucks to Tom's Appliance and receive the first lease payment. 3-3 Prepare the June 30, 2022 and December 31, 2022 journal entries that Capital Leasing would record for the lease