25 points Skipped On January 1, 2021. National Insulation Corporation (NIC) leased equipment from United Leasing under a finance lease. Lease payments are made annually. Title does not transfer to the lessee and there is no purchase option or guarantee of a residual value by NIC. Portions of the United Leasing's lease amortization schedule appear below: (FV of $1. PV of $1, FVA of $1. PVA of $1. FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) Effective Decrease in Outstanding Jan. 1 Payments Interest Balance 2021 Balance 2821 243,635 24, eee 24,099 2022 219,635 24, eee 19,767 4,233 2023 215,482 24,90 19,386 4,614 218,788 2024 24,000 18,971 5,829 205,759 2025 24,00 18,518 5,482 209,277 2026 24,000 18,025 5,975 194, 302 ebook - Print 2038 2039 2840 2841 24,000 24,280 24,000 27,080 7,194 5,682 4,033 2,236 16,806 18,318 19,967 24,844 References 63,129 44,811 24,844 U Required: 1. What is the lease term in years? 2. What is the asset's residual value expected at the end of the lease term? (Round your answers to nearest whole dollar.) 3. What is the effective annual interest rate? (Round your percentage answer to 1 decimal place.) 4. What is the total amount of lease payments for United? (Round your answers to nearest whole dollar.) 5. What is the total amount of lease payments for NIC? (Round your answers to nearest whole dollar.) 8. What is United's net investment at the beginning of the lease after the first payment)? (Round your answers to nearest whole dollar.) 7. What is United's total effective interest revenue recorded over the term of the lease? (Round your answers to nearest whole dollar.) 8. What amount would NIC record as a right-of-use asset at the beginning of the lease? (Round your answers to nearest whole dollar.) 1. Lease term years 2. Asset's residual value 96 3 4 5. Effective annual interest rate Lease payments for United Lease payments for NIC Net investment Total effective interest revenue Right-of-use asset 0. 7 18 ME GW