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What is NIC's lease liability at the inception of the lease (after the first payment)? What amount would NIC record as a leased asset? What is the lease term in years? What is the asset's residual value expected at the end of the lease term? How much of the residual value is guaranteed by the lessee? What is the effective annual interest rate? What is the total amount of minimum lease payments? What is the total effective interest expense recorded over the term of the lease? Rand Medical manufactures lithotripters. Lithotripsy uses shock waves instead of surgery to eliminate kidney stones. Physicians' Leasing purchased a lithotripter from Rand for $2,000,000 and leased it to Mid-South Urologists Group, Inc., on January 2016. Collectibility of the lease payments is reasonably assured, and there are no lessor costs yet to be incurred. How should this lease be classified by Mid-South Urologists Group and by Physicians' Leasing? Prepare appropriate entries for both Mid-South Urologists Group and Physicians' Leasing from the inception of the lease through the second rental payment on April 1, 2016. Depreciation is recorded at the end of each fiscal year December 31). Assume Mid-South Urologists Group leased the lithotripter directly from the manufacturer, Rand Medical which produced the machine at a cost of $1.7 million, Prepare appropriate entries for Rand Medical from the inception of the lease through the second lease payment on April 1, 2016