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Three different lease transactions are presented below for Cullumber Enterprises. Assume that all lease transactions start on January 1, 2021. Cullumber does not receive title to the properties, either during the lease term or at the end of it. The yearly rental for each of the leases is paid on January 1 starting on January 1, 2021. Cullumber Enterprises prepares its financial statements using ASPE. Manufacturing Equipment 5 years 15 years $14,800 Office Equipment 3 years Lease term Vehicles 6 years 7 years $15,496 6 years $3,986 Estimated economic life Yearly rental payment Fair market value of leased asset Present value of lease rental payments $101,790 $89,560 $18,380 $57,250 $74,496 $9,180 Which of the below leases are operating leases and which are capital leases? Manufacturing Equipment Vehicles Office Equipment How should the lease transaction for each of the above assets be recorded on January 1, 2021? (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 1 (To record payment for manufacturing equipment lease.) Jan. 1 (To record payment for office equipment lease.) Jan. 1 (To record lease asset and liability for vehicles.) Jan. 1 (To record payment for vehicles lease.)