Please answer the below. Thanks in advance!

Sheffield Incorporated leases a piece of equipment to Shamrock Corporation on January 1, 2020. The lease agreement called for annual rental payments of $5,613 at the beginning of each year of the 4- year lease. The equipment has an economic useful life of 6 years, a fair value of $26,600, a book value of $21,600, and both parties expect a residual value of $8,200 at the end of the lease term, though this amount is not guaranteed. Sheffield set the lease payments with the intent of earning a 7% return, and Shamrock is aware of this rate. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. Click here to view factor tables. (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Determine the nature of the lease to both Sheffield and Shamrock. The lease is a/an lease to Sheffield. The lease is a/an lease to Shamrock. eTextbook and Media List of AccountsPrepare the lease amortization schedule(s) for Shamrock for all 4 years of the lease. (Round answers to O decimal places, e.g. 5,275.) SHAMROCK CORPORATION Lease Amortization Schedule Annuity-Due Basis Reduction of Date Annual Payment Interest on Liability Lease Liability Lease Liability 1/1/20 $ $ $ 1/1/20 1/1/21 1/1/22 1/1/23 Lease Expense Schedule Lease Expense Interest on Amortization of Carrying Value of Date (Straight-Line) Lease Liability ROU Asset ROU Asset 1/1/20 $ 12/31/20 12/31/21 12/31/22 12/31/23Prepare the journal entries for Shamrock for 2020 and 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. R Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment)Suppose Shamrock incurs initial direct costs of $700 related to the lease. Prepare the journal entries for 2020. (Credit account titles are automatically indented when t journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record the lease) (To record lease payment)