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Problem 1: Tony Tiger, as lessee, enters into a lease agreement on May 1, 2020, for a tiger costume with Costume Inc. The following data are relevant to the lease agreement: The term of the noncancelable lease is 10 years, with no renewal option. Payments of $138.990 are due at the beginning of each year, starting today. The fair value of the costume is $1,000,000 (it's a pretty unique costume). The costume has an economic life of 13 years with no salvage value. Tony Tiger depreciates similar costumes on a straight-line basis $1,000 Executory costs are paid by the lessee on an annual basis, of which are included in the above rent payment to the lessor. . Tony Tiger's incremental borrowing rate is 8% per year and the implicit rate is unknown. Required: (a) Indicate the type of lease Tony Tiger has entered into. (2 points) (b) Prepare a partial amortization schedule for the lessee that goes up to 5/1/22. (4 points) me payme t ry Come interest expense reduction in metalles (c) Prepare the journal entries on Tony Tiger's books that relate to the lease agreement for the following dates: 5/1/20 (2 JE's), 12/31/20 (2 JE's), and 5/1/21 (1 JE). (10 points) (d) Prepare the journal entries on Costume Inc's books that relate to the lease agreement for the following date: 5/1/20 (2 JE's) (4 points)