Tomeguin manufactured 10 excavators and leased them in the current year to its main customer for 5 years, which is the useful life of the excavators. The contract establishes 5 payments of 20,000 and the cost of each of the machines was $50,000. How should Tomeguin classify the lease?

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.