The following information relates to a lease contract:
The lessor contracted with an insurance company, which guaranteed the residual value at 1-1-x4. 
There are no uncertainties with respect to collectability of lease payments or performance by lessor.
(a)Determine the annual lease payment
(b)Classify the lease for both lessee and lessor
(c)Record the 2014 entries for both parties
Definitions:
Gasoline
A volatile, flammable liquid derived from petroleum, used primarily as fuel in internal combustion engines.
Foul Shots
In basketball, free throws awarded to a player following a foul by the opposing team.
Langara College
A public college in Vancouver, British Columbia, Canada, offering university-transfer, career, and continuing studies programs.
3-Point Distance
A mathematical term likely related to calculating the distance between two points in a 3-dimensional space using the distance formula.
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