please help with this question please

ABC Company, as lessee, enters into a lease agreement on January 1, 2017, to lease equipment. The following data are relevant to the lease agreement. -

The term of the noncancellable lease is three years, with no renewal option. Payments of $16,000 are due on January 1, of each year.

The fair value of the equipment on January 1, 2017 is $50,000. The equipment has an estimated economic life of five years, and an estimated residual value of $0. -

The equipment reverts back to the lessor at the termination of the lease and is expected to have use to the lessor.

- The lessee is aware that the lessor used an implicit rate of 4%. Instructions:

1. Indicate the type of lease ABC has entered into

2. Prepare the journal entries on ABC's books related to the lease agreement for the following dates: (round all amounts to the nearest dollar. Include a partial amortization schedule) a. January 1, 2017 b. December 31, 2017 c. January 1, 2018