Required a. How wou d Lessee Inc. classily the lease? b. Prepare a schedule of the lease liability for the 4 -year lease term. - Note: Round each amount in the schedule to the nearest whole dollar. Use the rounded amcunt for later calculations in the schecule. Requlred a. How would Lessee lnc, classify the lease? c. Prepare a schedu e of the right-of-use asset tor the 4y ear lease term. - Note: Round cach amount in che schedule to the nearest whole dollar. Use che rounded amount for lacer calculations in the schedule. On January 1 of Year 1, Lessee Inc. leased equigment at an annual payment of $85,099, payable each january 1 for four years, wich the first payment due immeciately. The equilipment had a falr value of 5400,000 and a book value of implicit rate is 7.5%, which is unknown to the lessee. The lesseess incremental borrawing rate is 8%. The lease does not cantein a purchase option ur a renewel aption. Tne lessee hed no ocher costs associated wich this lease. Required a. Howwould Lessee inc, classify the lease? d. Prepare the eneres for Lessee inc. on January 1 and December 31 at the first wo years of the lease cerm, Jssuming Lessee inc.s occountingyear ends December 31. - Note: kaund your answers to the nearest whole do lar. Required a. How wou d Lessee Inc. classily the lease? b. Prepare a schedule of the lease liability for the 4 -year lease term. - Note: Round each amount in the schedule to the nearest whole dollar. Use the rounded amcunt for later calculations in the schecule. Requlred a. How would Lessee lnc, classify the lease? c. Prepare a schedu e of the right-of-use asset tor the 4y ear lease term. - Note: Round cach amount in che schedule to the nearest whole dollar. Use che rounded amount for lacer calculations in the schedule. On January 1 of Year 1, Lessee Inc. leased equigment at an annual payment of $85,099, payable each january 1 for four years, wich the first payment due immeciately. The equilipment had a falr value of 5400,000 and a book value of implicit rate is 7.5%, which is unknown to the lessee. The lesseess incremental borrawing rate is 8%. The lease does not cantein a purchase option ur a renewel aption. Tne lessee hed no ocher costs associated wich this lease. Required a. Howwould Lessee inc, classify the lease? d. Prepare the eneres for Lessee inc. on January 1 and December 31 at the first wo years of the lease cerm, Jssuming Lessee inc.s occountingyear ends December 31. - Note: kaund your answers to the nearest whole do lar