please give a fully detailed answer, thanks.

Lessor Ltd manufactures machinery for both sale and lease. On 1 July 2020, Lessor Ltd leased a machine to Lessee Ltd. The terms of the lease are presented in the following table. Cost to Lessor to manufacture the machine $24,500 Fair value of machine at initiation of the lease $49,292 Initial direct costs incurred by Lessor Duration of lease in years Economic useful life of the machine in years Annual lease payment, payable on 30 June each year $12,000 Executory costs to be paid by lessee to lessor to reimburse lessor for insurance and maintenance costs (included in the annual payment above) $1,700 Estimated residual value of machine at end of lease term $12,000 Residual value guaranteed by lessee $8,000 Interest rate implicit in the lease The lease was non-cancellable NB: Round all your answers to the nearest dollar amount. REQUIRED (i) What is the definition of a finance lease? (1 mark) (ii) Provide three reasons or indicators that support Lessor Ltd.'s classification of the lease as a finance lease. (1.5 marks) (iii). Should Lessee Ltd classify the lease as a finance lease or as an operating lease? Justify your answer. (1 mark) (iv) Prove that the interest rate implicit in the lease provided in the table above is correct. (1.5 marks)