The following information relates to a lease contract: 
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 lessor
(c)Record the 2014 entries
Definitions:
Inadequate Management
The situation where the management of a business fails to make effective decisions or to meet the necessary standards of organization and strategy.
External Factors
Conditions, events, or influences originating outside an organization that can affect its performance and strategic decisions.
Startup Capital
Initial funding used to start a business, covering costs such as product development, market research, and operational expenses until the business becomes self-sustaining.
Small Business Success
The achievement of desired visions and planned goals, leading to a sustainable competitive advantage for a small business, often measured by financial performance, market share, or innovation.
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