On 1 March 20X4, Machine Manufacturing Co. leased a machine to Dry Goods through a three-year lease. The annual lease payments of $24,400 start on 1 March 20X4, and continue for three years. The interest rate implicit in the lease is 7% and the machine will remain with the lessee at the end of the lease. Machines of this type are usually sold for $68,516 with a cost to Machine Manufacturing Co. of $17,400 to build. Required: 1. Should this lease be accounted for as a financing-type lease or a sales-type lease? Finance lease O Sales lease 2. What journal entries should be recorded on March 1, 20X4? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction st Journal entry worksheet