Rand Medical manufactures lithotripters. Lithotrip5y uses shock waves instead of surgery to eliminate kidney stones. Physicians Leasing purchased a lithotripter from Rand for $2,710,000 and leased it to Mid-South Urologists Group, Incorporated, on January 1 . 2024 Note: Use tables, Excel, or a financial calculator. V of \$1, PV of \$1. EVA of \$1. PVA of \$1. EVAD of \$1 and PVAD of \$1] Required: 1. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? 2. Prepare appropilate entries for both Mid-South Urologists Group and Physicians' Leasing from the beginning of the lease through the second rental payment on April 1, 2024. Adjusting entries are recorded at the end of each fiscal year (December 31). 3. Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer. Rand Medical, which produced the machine at a cost of $2.3 million. Prepare appropriate entries for Rand Medical from the beginning of the lease through the second lease payment on April 1, 2024. Complete this question by entering your answers in the tabs below. How should this lease be classified by Mid-South Urologists Group and by physicians' Leasing? Prepare appropriate entries for Mid-South Urologists Group from the beginning of the lease through the seconid reatal payment on April 1. 2024. Adjusting entries are recorded at the end of each fiscal year (December 31). Note: If no entry is required for a transactionvevent, select "No foumal entry required" in the first accouint field. Entac-your answers in whole doliars rounded to the nearest dollar rather than in millions, Journal entry worksheet Record the lease. Note: Erutir debuts before credits. Journal entry worksheet