The following information relates to a lease contract: 
Market value and book value (to lessor)of 
Interest rate used by both lessee and lessor 
The lease allows the lessee to purchase the asset for $200 on 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 the lessee
(c)Record the 2014 entries
Definitions:
Social Media Networks
Digital platforms that enable users to create and share content or to participate in social networking with others.
Businesses
Entities engaged in commercial, industrial, or professional activities, typically with the aim of generating profits.
Professionals
Individuals who possess specialized knowledge, skills, and often certification, making them experts in their respective fields.
Emoticons
Textual representations of facial expressions, emotions, or objects used in digital communications to convey tone or feelings.
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