please leave a thorough explantion. i already got part a and b correct. i need help with part c. the parts that are in red are what i got wrong

Ivanhoe Incorporated leases a piece of machinery to Bridgeport Company on January 1,2025, under the following terms. 1. The lease is to be for 4 years with rental payments of $15,000 to be made at the beginning of each yeas. 2. The machinery has a fair value of $78,692, a book value of $8,720, and an economic life of 10 years. 3. At the end of the lease term, both parties expect the machinery to have a residual value of $29,300. To protect against a large loss, Ivanhoe requests Bridgeport to guarantee $20,770 of the residual value, which Bridgeport agrees to do. 4. The lease does not transfer ownership at the end of the lease term, does not have any bargain purchase options, and the asset: is not of a specialized nature. 5. The implicit rate is 5%, which is known by Bridgeport 6. Collectibility of the payments is probable. Question Evaluate the criteria for classification of the lease, and describe the nature of the foase. For the lessee, it is a . and for the lessor, it is a eTextbook and Media List of Accounts Attempts: 1 of 3 used Prepare the journal entries for Bridgeport for the year 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No Entry" for the account titles and enter O for the amounis, Round present value foctor calculations to 5 decimal ploces, eg. 1.25124 and the final answer to 0 decimal ploces eg. 5, 275. Lst ail debit entries before credit centries.) Prepare the journal entries for Ivanhoe for the year 2025. (Credit account titles are automatically Indented when the amount is entered, Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter o for the amounts. Round prescht value factor calculations to 5 decimal places, es. 1.25124 and the final answer to 0 decimal places eg, 5,275. List all debit entries before credit entries)