United airline leased an aircraft from Boing Corporation with the following conditions: -lease term is 10 years and estimated economic life of the aircraft is 11 years. -annual rent of $5 million with first payment is on 1/1/2020 and on 12/31 for each of the following years. the cost of the aircraft to Boing was $30 million. -assumed interest rate is 10%. Required: A. What type of lease is this for both United and Boing? Why? B. Make journal entries by Boing for the first year 1/1/2020 to 12/31 2020. C. Use this PV table: United airline leased an aircraft from Boing Corporation with the following conditions: -lease term is 10 years and estimated economic life of the aircraft is 11 years. -annual rent of $5 million with first payment is on 1/1/2020 and on 12/31 for each of the following years. the cost of the aircraft to Boing was $30 million. -assumed interest rate is 10%. Required: A. What type of lease is this for both United and Boing? Why? B. Make journal entries by Boing for the first year 1/1/2020 to 12/31 2020. C. Use this PV table