Riverbed Corporation leased equipment to Marin, Inc. on January 1, 2020. The lease agreement called for annual rental payments of $1,184 at the beginning of each year of the 3-year lease. The equipment has an economic useful life of 7 years, a fair value of $9,000, a book value of $7,000, and Riverbed expects a residual value of $6,500 at the end of the lease term. Riverbed set the lease payments with the intent of earning a 5% return, though Marin is unaware of the rate implicit in the lease and has an incremental borrowing rate of 7%. There is no bargain purchase option, ownership of the lease does not transfer at the end of the lease term, and the asset is not of a specialized nature. Click here to view factor tables (For calculation purposes, use 5 decimal places as displayed in the factor table provided.) Determine the nature of the lease to both Riverbed and Marin. The lease is a/an lease to Marin. The lease is a/an lease to Riverbed e Textbook and Media List of Accounts Prepare all necessary journal entries for Marin in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg,5,275. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit (To record the lease) (To record lease payment) e Textbook and Media List of Accounts How would the measurement of the lease liability and right-of-use asset be affected if, as a result of the lease contract, Marin was also required to pay $600 in commissions, prepay $800 in addition to the first rental payment, and pay $200 of insurance each year? (Round answers to O decimal places, eg. 5,275.) Lease liability $ Right-of-use-asset $ e Textbook and Media List of Accounts Suppose, instead of a 3-year lease term, Marin and Riverbed agree to a one-year lease with a payment of $1,184 at the start of the lease. Prepare necessary journal entry for Marin in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date 1/1/20