On $1/1/2015$ Jules Inc enters into a $6-$year non$-$cancellable lease for a piece of machinery owned by Vincent Inc. The lease calls for the following annual payments, payable at the end of each year of the lease:

$2015-$$$2,000$

$2016-$$$2,000$

$2017-$$$2,000$

$2018-$$$3,000$

$2019-$$$3,000$

$2020-$$$3,000$

At the end of the lease, ownership and the right to use the machine reverts back to Vincent, and there is no option to purchase the machine at the end of the lease term. Vincent, Inc. purchased the machine on $\frac{12}{31}\frac{?}{2014}$ for $$50,000,$ and the economic life of the machine is thought to be $20$ years. Both Jules and Vincent use an $8\%$ discount rate for present values.

What type of lease is this from the perspective of Vincent?

What $($if any$).$journal entries should Vincent record on $12/31/2015?($you can ignore depreciation$).$

What $($if any$)$ journal entries should Vincent record on $12/31/2019?($ignoring depreciation$).$