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Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians Leasing purchased a lithotripter from Rand for $1,900,000 and leased it to Mid-South Urologists Group, Inc., on January 1, 2021. (EY of S1. PV of 51. FVA of S1. PVA of $1. EVAD of 51 and PVAD 0f $1) (Use appropriate factor(s) from the tables provided.) Losse Description Quarterly lesse payments 5123,990-beginning of each period Losse term 5 years (20 quarters No residus value; no purchase option tonomie lite of lithotripter 5 years Impliest interest rate and less incremental borrowing rate Yair value of asset $1,900.000 121 Required: 1. How should this lease be classified by Mid South Urologists Group and by Physicians' Leasing? 2. Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2021. Adjusting entries are recorded at the end of each fiscal year (December 31) 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical, which produced the machine at a cost of $16 millon. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2021