Problem 4 (25 marks) Poe Incenters into a lease agreements lessor on January 1, 2020, to lease check in kiosk to Nat Airlines. The normal selling price is $991355. The term of the noncancelable leave is ten years and payments are required at the beginning of each year. The following information relates to this agreement: 1. Nat Airlines has the option to purchase the kiosk for $5,000 when the lease expires at which time the fair value is expected to be $30,000. 2. The airplane has an estimated useful life of twenty years, and a residual value of $30,000 at the end of that time. 3. Nat Airlines will pay all executory costs related to the leased airplane. 4. Annual beginning-of-year lease payments of $120,000 allow Poe to cam a 5% return on its investment. Poe has determined that the collectibility of the lease payments is probable 5. The kiosk reverts to Poe at the termination of the lease, is not a specialized asset, and has an alternative use. Required a. What is the amount of the lease receivable, rounded to nearest dollar for the lessor? The present value factor is rounded to the fifth decimal point and must be shown in the computations (5 marks) b. What type of lease is this to Poe Inc.? Discuss and explain clearly (12 marks) c. Prepare a lease amortization schedule for the lessor for the first two years (2020-2021). (Round all amounts to nearest dollar) (8 marks)