The Manhattan Corporation loased an equipment from Brooklyn company with the following terms: - Loase term is for 5 years while the estimated economic life of the equipment is 10 years. - Annual rent $1$100,000 with the first rent is payable on 1/1/2021 and on 12/31/2021 for remaining years. - Assumed interest rate of 10%. - The cost of the machine to Brooklyn is $600,000. - No transfer of title or bargain purchase option was granted at end of lease term. (PV of Annuity Due n=5 and r=10%:4.169870 ) (PV of Ordinary annuity n=5 and r=10%:3.79079 ) Required: A. What type of lease is this to both Manhattan and Brooklyn Companies? B. Make necessary journal entries for the first yoar of the lease by both Lessee and Lessor. The Manhattan Corporation loased an equipment from Brooklyn company with the following terms: - Loase term is for 5 years while the estimated economic life of the equipment is 10 years. - Annual rent $1$100,000 with the first rent is payable on 1/1/2021 and on 12/31/2021 for remaining years. - Assumed interest rate of 10%. - The cost of the machine to Brooklyn is $600,000. - No transfer of title or bargain purchase option was granted at end of lease term. (PV of Annuity Due n=5 and r=10%:4.169870 ) (PV of Ordinary annuity n=5 and r=10%:3.79079 ) Required: A. What type of lease is this to both Manhattan and Brooklyn Companies? B. Make necessary journal entries for the first yoar of the lease by both Lessee and Lessor