30. (4 points) On 12-31-20, C leased a machine with a useful life of 10 years. The noncancelable lease agreement required C to make 2 annual lease payments of $50,000 starting 12-31-20. After making the last payment, C will return the machine to the lessor. Cs borrowing rate on 12-31-20 was 5%. C uses a straight-line depreciation (amortization) method and assumes no salvage value. C only prepares AJEs every 12-31. Determine if this is a long-term finance lease or a long-term operating lease and then prepare the lease-related entries C should make on:

1. 12-31-20
2. 12-31-21
3. 12-31-22