Three different lease transactions are presented below for Manitoba Enterprises. Assume that all lease transactions start on January 1, 2021. Manitoba does not receive title to the properties, either during the lease term or at the end of it. The yearly rental for each of the leases is paid on January 1 starting on January 1, 2021. Manitoba Enterprises prepares its financial statements using ASPE Lease term Estimated economic life Yearly rental payment Fair market value of leased asset Present value of lease rental payments Manufacturing Equipment 5 years 15 years $14,000 $98,000 $55,000 Vehicles 6 years 7 years $14,981 $85.000 $74,800 Office Equipment 3 years 6 years $3,900 $17.500 $9.500 Which of the below leases are operating leases and which are capital leases? Manufacturing Equipment Operating lease Vehicles Finance lease Office Equipment Operating lease Date Account Titles and Explanation Debit Credit 14000 To record payment for manufacturing cuipment lear) Ca (To record payment for the equipment lease) Jan. (To record lease asset and ability for vehicles.) Jan 1 (To record payment for vehicles lease) List of Accounts