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Question 1: On January 1, 2020, Fern Corp. enters into an agreement with Nicki Rentals inc. to lease a machine from them. Both corporations adhere to ASPE. The following data relate to the agreement:The term of the non-cancellable lease is three years with no renewal option. Payments of S 543,244 are due on December 31 of each year. The fair value of the machine on January 1, 2020, is S 1,400,000. The machine has a remaining economic life of 10 years, with no residual value. The machine reverts to the lessor upon the termination of the lease. Fern depreciates all its machinery on a straight-line basis. Fern's incremental borrowing rate is 10%. Fern does not have knowledge of the 8% implicit rate used by Nicki. immediately after signing the lease, Nicki discovers that Fern is the defendant in a lawsuit that is sufficiently material to make collectability of future lease payments doubtful. From Fern's viewpoint what type of lease is this?
Option 1: operating lease
Option 2: finance lease
Option 3: manufacturer or dealer lease
Option 4: other finance lease
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