terms: Brooklyn Company leased a manufacturing machine to Manhattan Company on 1/1/2021 with the following Lease term is 5 years but economic live is 10 years, No transfer of ownership or bargain purchase option, . Cost of machine $20 million and assumed interest rate is 10% annual . Annual rent of $2,500,000 payable on 1/1/2021 and 12/31 each year for the remaining life of the lease. Required: A. What type of lease is this for both the lessee and lessor? B. Make journal entries by both the lessee and lessor for year of 2021. C. Present value Tables: Single Sum N Rate 5% 10% 1 0.95238 0.90909 5 0.78353 0.62092 10 0.61391 0.38554 Present Value Tables: Annuity Due Rate 5% 10% 1.00000 1.00000 4.54595 4.16987 8.10782 6.75902 N 1 5 10