Reporting Finance Lease, Guaranteed Residual- Lessee Mac Leasing Company (lessor) and Ash Corporation (lessee) signed a four-year lease on January 1 of Year 1 . The underlying asset has an the lease term to be $5,000. The lease contains no purchase option. Required a. How would Ash Corporation classify the lease? b. What is the lease liability balance on January 1 , the lease commencement date? - Note: Round your answer to the nearest whole dollar. d. Assume that Ash Corporation expects the residual value at the end of the lease term to be $1,750. Prepare the entries for Ash Corporation on January 1 and December 31 of Year 1. - Note: Round your answers to the nearest whole dollar. Reporting Finance Lease, Guaranteed Residual- Lessee Mac Leasing Company (lessor) and Ash Corporation (lessee) signed a four-year lease on January 1 of Year 1 . The underlying asset has an the lease term to be $5,000. The lease contains no purchase option. Required a. How would Ash Corporation classify the lease? b. What is the lease liability balance on January 1 , the lease commencement date? - Note: Round your answer to the nearest whole dollar. d. Assume that Ash Corporation expects the residual value at the end of the lease term to be $1,750. Prepare the entries for Ash Corporation on January 1 and December 31 of Year 1. - Note: Round your answers to the nearest whole dollar