Wildhorse Inc. offers boat tours around the City Reservoir. The company has signed a lease for a tour boat with an expected lifespan of six years, no estimated salvage value, and cost the leasing company $217,000. The terms of the lease are as follows: The lease term begins on January 1, 2019, and runs for 3 years. The lease requires payments of $49,100 each January 1, starting on January 1, 2019, and each payment includes $5,100 for maintenance and insurance costs. At the end of the initial lease term, the lease can be renewed for another two years at Wildhorse's option for only $27,000 per year, including $2,200 for maintenance and insurance costs. The normal rental cost of a similar used boat is $32,000 per year. Wildhorse expects to renew the lease for the second term. At the end of the lease term, the boat is to be returned to the lessor. The lessor's implied interest rate is 6%, and Wildhorse uses straight-line depreciation for similar equipment. Wildhorse's year-end is May 31. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY DUE. Assuming that Wildhorse follows ASPE, identify how Wildhorse should classify this lease. Lease should be considered as eTextbook and Media Assuming that Wildhorse follows IFRS and the new leases standard IFRS 16, identify the circumstances under which the lease would result in a right-of use asset capitalized on Wildhorse's statement of financial position. Leases would most likely be considered as e Textbook and Media