Given the following data determine the appropriate lease classification, Asset FMV and book value Lease term Asset life Guaranteed salvage value Lessee's estimated salvage value $40,000 11 months 14 months $5,000 $3,000 No Bargain Purchase Option or Title Transfer Two-month Renewal Option exists, lessee reasonably certain to renew. Present value of lease payments 63% of Asset FMV. Lessor has foreseeable alternative use for asset. Select one: O a. Short-term lease b. Finance lease O c. Operating lease Given the following for the QRS Company: Year 2020 2021 2022 2023 Pre-Tax Net Income Loss) $10,000 8,000 (20,000) 12.000 Tax Rate 20% 20% 20% 20% Future income is probable. The 2023 Net Income is: Select one: a. $12.000 O b. $2.000 O c. $9.600 d. $8,000 e. $0 Brooks Company leases a machine from Chalon Company on 1/1/23. Given: Asset FMV $100,000 Asset Book Value $85,000 January 1 payments Guaranteed Salvage Value $10,000 Lessee expected salvage value $6,000 Implicit and incremental rates 5% Five-year lease, five-year asset FINANCE LEASE Compute Chalon's 12/31/23 Lease Receivable balance Select one: O a. $100,000 b. $15,000 c. $79.725.98 d. $83.712.28 e. $75.789.68