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Question 2. (23 marks) * **Round your answers to the nearest dollar * * * On December 31, 2019, Park Lid. (lessor) leased a machine to Orange Farm Lid. (lessee) under the following terms Term of the lease: 3 years Annual payments of $5,000in advance are required from Orange Farm. The first prepayment will be made on December 31, 2019. The following payments will be made at the end of each year (December 31). The machine will be returned to the lessor at the end of the lease. The guaranteed residual value of the machine is $3,000, while the expected residual value at the end of the lease is $1,090. The implicit interest rate charged by Park is 10%, which is known to Orange Farm. Orange Farm's incremental borrowing rate is 12%. The fair value of the machine on December 31, 2019 is $15,931. The useful life of the machine is 5 years. Both Park and Orange Farm have a fiscal year-end of December 31, and both of them adopted the straight-line depreciation policy. Present value of $1 Present value of an ordinary annuity of $1 Years 12% Year 10% 12% 0909 8928 1 90909 89286 2 8264: 7971 1.73554 . 69005 3 7513 71178 2.48685 2.40183 LAWN M A I 5830 63552 3. 16986 3.0373 52092 56743 3.79079 3.60478 (a) Please briefly describe the type(s) of income that Park Lid. can make from this lease contract assuming that (1) it is a direct finance lease or (2) it is a manufacturer/dealer-type lease. (3') (b) How should this lease be classified by Orange Farm Lid.? Please be specific about the classification criteria. (2') (c) Please provide the journal entries related to this lease for Orange Farm Ltd. in 2019, 2020 and 2022. (11') (d) Please provide the journal entries related to this lease for Park Ltd. for 2019 and 2020, assuming that it is a professional leasing company. (7')