Recording Entries for Finance Lease-No Residual On January 1, 2020, Ashe Company entered into a 5-year equipment lease (with no renewal options) requiring payments of $20,000, with the first payment due immediately. The lessor's implicit interest rate, known to Ashe, is 6%. Ownership of the equipment remains with the lessor at expiration of the lease. There is no option to purchase the property at the end of the lease term and the equipment is expected to have no residual value. The equipment has an estimated economic life of 5 years. a. How would Ashe company classify the lease? Amortization Schedule Journal Entries b. Prepare an amortization schedule of the lease liability Note: Round each amount in the schedule to the nearest whole dollar. Use the rounded amount for later calculations in the schedule. Lease Interest Reduction of Date Payment on Liability Lease Liability Lease Liability Jan. 1. 2020 U Jan 1, 2020 $ 0 Jan. 1.2021 0 Jan. 1,2022 0 0 o Jan. 1.2023 0 0 lan 1, 2024 0 0 0 0 Total 3 0$ " 0 Please answer all parts of the question