Lease Accounting (Lessee) Robert Corporation leases an asset to Susan Corporation for 10 years beginning on January 1, 2020, at an annual rental of $11,000. Robert's (lessor) implicit borrowing rate (implicit in the lease) of 9 percent is known to Susan (lessee). Susan's incremental borrowing rate is 9 percent. The first payment is due on January 1, 2020. The asset's economic life is 12 years and the fair value (FV) of the asset at the inception of the lease is $77,000. The lease does not transfer ownership or contain a bargain purchase option. The asset cost Robert $52,000. Required: 1. Determine if the lease should be recorded as a finance lease or an operating lease. 2. Assuming the lease qualifies as a finance lease, prepare a lease amortization table for the life of the lease for Susan Corporation. 3. Record the required journal entry at the commencement of the lease on Susan's books. 4. Prepare the journal entry to record the January 1, 2020 lease payment on Susan's books. 5. Prepare the necessary adjusting journal entry(ies) on December 31, 2020 on Susan's books. 6. Assuming the lease qualifies as a sales-type lease, prepare the journal entry(entries) at the commencement of the lease on Robert's books. 7. Prepare the journal entry to record the receipt of the January 1, 2020 lease payment on Robert's books. 8. Prepare the adjusting journal entry at December 31, 2020 on Robert's books