a 25. (4 points) On 12-31-20, C leased a machine with a useful life of 5 years. The noncancelable lease agreement required to make 4 annual lease payments of $250,000 starting 12-31-21. After making the last payment, will retain the machine. C's borrowing rate on 12-31-20 was 3%. C uses a straight-line depreciation method (no residual value) and only prepares AJEs every December 31. Determine if this is a long-term finance lease or a long-term operating lease and then prepare the lease-related entries should make on: December 31, 2020 b. December 31, 2021 c. December 31, 2022 d. December 31, 2023 e December 31, 2024 f. December 31, 2025 26. (4 points) M leased a machine on 11-01-19. The machine's estimated useful life is 3 years. The non-cancelable lease required M to make 3 monthly lease payments of $10,000 every month with the first lease payment occurring on 12-01-19. M's incremental borrowing rate is 3%. At the end of the lease, M will return the machine to the lessor. M uses the straight-line depreciation method (no residual value). M only prepares AJEs every December 31. Prepare the lease-related entries should make on: a) 11-01-19 12-01-19 c) 12-31-19 d) 01-01-20 e) 02-01-20 27. 4 points) On 01-01-20, C leased a machine with a useful life of 10 years. The noncancelable lease agreement required to make 2 annual lease payments of $50,000 starting 01-01-20. On 12-31-21, C will return the machine to the lessor. C's borrowing rate on 01- 01-20 was 4%. Cuses a straight-line depreciation method and assumes no salvage value. Conly 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 should make on: a 01-01-20 b. 12-31-20 01-01-21 d. 12-31-21 b) c