Question 22 Three different lease transactions are presented below for Blossom Enterprises. Assume that all lease transactions start on January 1, 2021. Blossom 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. Blossom Enterprises prepares its financial statements using ASPE. Manufacturing Office Equipment Vehicles Equipment Lease term 5 years 6 years 3 years Estimated economic life 15 years 7 years 6 years Yearly rental payment $13,030 $13,971 $3,525 Fair market value of leased asset $99,510 $78,000 $16,810 Present value of lease rental payments $50,040 $71,996 $9,910 (a) Which of the below leases are operating leases and which are capital leases? Manufacturing Equipment Vehicles Office Equipment