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On January 1, 2000, Adly Company year le contract to leave an equipment from Our Compuery Thon me According to the agreement, the less required to make annual rental payment of $40,000 berry 1.2036 The the following provision 1. The estimated economic life of the equipment is 5 years 2. At the inception of the case, the fair value of the equipment is $1,680,000 3 Fach annual rental payment includes $28,975 44 of executory couts relating to property taxes 4 The lessee's incremental borrowing rate is 10%. The lessor's implicit rate a 8% and is known to the lesse 5. At the end of the lease term, the equipment will revert to the lensor, and at that time the equipment is expected to have med rest value of VM 2000 Activate Window 6. Both, Adliya Company and Gulf Company, use the straight-line method for depreciation Additional information: The present value of an ordinary Annuity of S1 and the present value of an Annuity Due of 51 for periods at 89,9% and 10% follow Additional information: The prosent value of an Orduary Amity or 51 and the value of Amity Dus of 1 for perinde st 8%,99 and 10% are as follow The present valoe ar an Annuity Due of $1 Period 8% 94 1 1.00000 100000 2 1.92503 1 91743 3 2.78320 275911 4 357710 3,53120 5 4:31221 4.23972 104 1.00000 190900 271554 3.4868 416987 Tustructions: A What is the type of this lease to Adliya Company? Explain why B. Prepare an amortization schedule through the years 2021 and 2022 that would be suitable for the less Activate Windows Got to date Window C Prepare the necessary journal entries in the books of Adliya Company during 2020, and January 1, 2021, to reflect the lease agreement the lease payments and will expenses related to this lease. Assume that the lessee's annual accounting period ends on December 31 or the toolbar.press ALT+F10 (PO) OF ALT FN+F10 (Mac)