24. (5 points) On 01-01-19, C leased a machine with a useful life of 5 years. The noncancelable lease agreement required C to make 4 annual lease payments of $25,000 starting 12-31-19. After making the last lease payment, C will retain the machine. Cs borrowing rate on 01-01-19 was 4%. C uses a straight-line depreciation method (no residual value) and only prepares AJEs every December 31. Determine if this is a short-term or a long-term lease. If it is a long-term lease, determine if it is a long-term finance lease or a long-term operating lease. Prepare the lease-related entries C should make on:

1. 01-01-19
2. 12-31-19
3. 12-31-20
4. 12-31-21
5. 12-31-22
6. 12-31-23