help number 3 and 4

You work for Alberta Construction Equipment Ltd. (ACEL), a publichy-traded company that follows IFRS. You have collected the following information about a lease for a fleet of trucks used by ACEL to transport completed manufactured equipment to warehouses and customers across the country. The trucks have an economic useful life of eight years. The lease term is from July 1, 2022, to June 30, 2029, and the company intends to lease the equipment for the entire seven year lease term. The lease payment per year is 5747,500 , payable in advance, with no other payments required, and no renewal option or purchase option available. The expected value of the fleet of trucks at June 30,2029 , is $492,750; this value is guaranteed by ACEL. The leased trucks must be returned to the lessor at the end of the lease. ACEl's management is confident that, with an aggressive maintenance program, they have every reason to befieve that the assets' residual value wil be more than the guaranteed amount at the end of the lease term. ACtL's incremental borrowing rate i 8.25%, and the rate implicit in the lease is not known. At the time the lease was signed, the fair value of the leased trucks was $3,920,250. REQUIRED: 1. Identify the type of lease that is involved and give reasons for your classification, based on the original information. 2. Determine the pV of the future cash flows under the lease at July 1, 2022. Be sure to show vour work and all supporting calculations! 3. Prepare an amortiation schedule for the lease liabilty over the term of the lease. Round all amounts to the nearest dollar. 4. Prepare the journal entries and any year-end (December 31st) adjustine joumal entries made by ACtL in 2022 and up to and including July 1,2023 . Round all amounts to the nearest dollar