The following are the characteristics of a lease: 1. Fair value of leased asset: 150,000 2. Lease payments: 25,500 3. Lease term: 7 4. Payment frequency: Annual 5. Payment timing: End of year 6. Guaranteed residual value: None 7. Interest rate implicit in lease: 8% Determine the lease classification and record the journal entry for year 1 . Enter debits as positive numbers (eg. 1000) and credits as negative numbers (eg. -1000). If account is not required please enter 0 . Do not use S, commas