Question: Please show work Problem 3.2: Chapter 21 - Leases (11 points) Using the information from Problem 3.1, answer the below questions for Hephaestus, Corp. Hephaestus's

Please show work Please show work Problem 3.2: Chapter 21 - Leases (11 points) Using

Problem 3.2: Chapter 21 - Leases (11 points) Using the information from Problem 3.1, answer the below questions for Hephaestus, Corp. Hephaestus's marginal borrowing rate, of which Sindri and Brokkr, Inc are unaware, is 10%. REQUIRED: Answers the following for Hephaestus, Corp.: (PLEASE CLEARLY SHOW AND LABEL YOUR WORK) (a) [2 pts] What is the classification of this lease and why? (b) [2 pts] What is the journal entry for January 1, 2020? (c) [3 pts] What is the journal entry for December 31, 2020? (d) [2 pts] What is the journal entry for January 1, 2021? (e) [2 pts] What is the journal entry for December 31, 2021? Problem 3.2: Chapter 21 - Leases (11 points) Using the information from Problem 3.1, answer the below questions for Hephaestus, Corp. Hephaestus's marginal borrowing rate, of which Sindri and Brokkr, Inc are unaware, is 10%. REQUIRED: Answers the following for Hephaestus, Corp.: (PLEASE CLEARLY SHOW AND LABEL YOUR WORK) (a) [2 pts] What is the classification of this lease and why? (b) [2 pts] What is the journal entry for January 1, 2020? (c) [3 pts] What is the journal entry for December 31, 2020? (d) [2 pts] What is the journal entry for January 1, 2021? (e) [2 pts] What is the journal entry for December 31, 2021

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