POV: Lessor

paring Pieces inc. creates aluminum alloy parts for commercial aircraft. In a recent transaction Soaring leased a high precision lathe machine om Rapid Revolving Corp. on January 1, 2019. The following information pertains to the leased asset and the lease agreement: The lathe machine will revert back to the lessor at end of lease term, title does not transfer to lessee at any time, and there is not a bargain purchase option 1 - Lessor Required: a Determine the amount of lease payment that the lessor would require to lease the asset to an outside party. b. Classify this lease from the perspective of the lessor, Rapid Revolving Corp c. Prepare the journal entries on January 1, 2019 and December 31, 2019 for the lessor