Sloan Corp. is a manufacturer of truck trailers. On January 1, 2016, Sloan Corp. leases twenty trailers to Quick Trip Company under a six-year noncancelable lease agreement. the following information about the lease and the trailer is provided: Equal annual payments that are due on January 1 each year, beginning on January 1, 2016, provide Sloan Corp, with an 8% return on the net investment (present value annuity due factor for 6 periods at 8% is 4.99271). Titles to the trailers pass to Quick Trip at the end of the lease. the fair value of each trailer is $50,000, or a total of $1,000,000. the cost of each trailer to Sloan Corp. is $45,000. Each trailer has an expected useful life of nine years. Collectivity of the lease payments is reasonably predictable, and there are no important uncertainties surrounding the amount of costs yet to be incurred by Sloan Corp. What type of lease is this for the lessor? Discuss. Calculate the annual lease payment. (Round to nearest dollar). Prepare all journal entries necessary on the books of the lessor related to this lease for the year 2016. (Round to nearest dollar)