21. On January 1, Ramirez Supply leased a car for a four-year period, at which time possession of the car will revert back to the lessor. Annual lease payments are $27,200 due on December 31 of each year, calculated by the lessor using a 6% discount rate. Negotiations led to Ramirez guaranteeing the lessor a $81,600 residual value at the end of the lease term although Ramirez estimates that the residual value after four years will be $77,700. What is the amount to be added to the right-of-use asset and lease payable under the residual value guarantee? (Round your answer to the nearest whole dollar.) The present value of $1: n = 4,i = 6% is 0.79209. The present value of an ordinary annuity of $1: n = 4, i = 6% is 3.46511. The present value of an annuity due of $1:n 4.1 = 6% is 3.67301. $5,386 $3,089 $3,878 $3,693 Times New... - 10-BI UA - DE 1 1 2 516 20. Refer to the following lease amortization schedule. The five payments are made annually starting with the beginning of the lease. A $3,000 purchase option is reasonably certain to be exercised at the end of the five-year lease. The asset has an expected economic life of eight years. Cash Lease Payment Effective Interest Payment Decrease in Balance 7,400 7,400 7,400 7,400 7,400 3,000 ?? 2,532 2,045 1,510 ?? ?? 4,868 5,355 5,890 ?? 2,727 Outstanding Balance 32, 720 25,320 20,452 15,097 9,207 273 What is the effective annual interest rate? (Round your answer to the nearest whole percent.) 7% 14%. 22%. 10%. MacBook Pro