On January 1,2023, Amber Inc., a public company, enters into a seven-year noncancellable lease with Quartz Ltd. For machinery having an estimated useful life of 9 years and fair value of $4.3 million. Amber's borrowing rate is 8% while the rate implicit in the lease is 6%. Amber calculates depreciation using straight-line method. Amber will make annual lease payments at the beginning of each year. The lease includes a guarantee by Amber Inc. that Quartz Ltd. will realize $100,000 from selling the asset at the expiration of the lease, which Amber expects to pay. Required: a) Calculate the lease payment Quartz will charge Amber. b) Calculate the present value of the minimum lease payments. c) What kind of lease is this to Amber? Why? d) Present the journal entries that Amber would record during the first year of the lease