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Problem Threc 8 points) Green Company lcases an airplane from First Leasing, Company. The lease will be for 5 years. The airplare has a uscfu'

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Problem Threc 8 points) Green Company lcases an airplane from First Leasing, Company. The lease will be for 5 years. The airplare has a uscfu' life of 15 yoars end a fair value of \\( \\$ 110 \\mathrm{mbli} \\) ion. Tho lcasn payments will be \\( \\$ 10 \\) million per vear and the first payment is cue \\( 1 / 1 / 19 \\), the first day of the lease. Green's incremental borrowing rate is \6 and the lessor's implicit rate of eturn is unknown to Gcen. There will be no bagain purchase or lease renewa's. Green depredates similar assets on a straight line basis. Required: Prepare all of the neccssary accounting extries for Green lor 2019

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