Plaza Company signed a 20-month lease on October 1, 20x1 for a copier machine from Lopez Office Supplies. The lease payments are $400 per month, beginning October 1, 20x1. Plaza Company is unaware of the implicit rate used by Lopez in determining the lease payments, but has an incremental borrowing rate of 8%. The copier has a cash purchase price of $20,000 and an economic life of 5 years. The machine reverts to Lopez at the end of the lease term and there are no purchase options. Instructions (a) What type of lease is this for the lessee? Lessor? Explain. (b) Prepare an amortization schedule for the 20 payments. (c) Prepare all necessary journal entries under GAAP for Plaza for this lease through January 1, 20x2. (d) Repeat (c) under IFRS. (e) What is Lopez's monthly income on the lease?