3 Each of the four independent situations below describes a sales-type lease in which annual lease payments of $13,500 are payable at the beginning of each year. Each is a finance lease for the lessee. (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.) 25 points 1 5 5 11% Situation 2 3 5 5 6 6 118 11% 4 5 8 118 eBook Print 0 Lease term (years) Asset's useful life (years) Lessor's implicit rate (known by lessee) Residual value: Guaranteed by lessee Unguaranteed Purchase option: After (years) Exercise price Reasonably certain? $5,400 0 $2,700 $2,700 0 $5,400 0 References none n/a n/a 4 $ 7,700 no 5 $1,700 no 3 $3,700 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Situation 1 2 3 4 A. The lessor's: 1. Total lease payments $ 67,500 67,500 2. Gross investment in the lease 3. Net investment in the lease B. The lessee's: 4. Total lease payments 5. Right-of-use asset 6. Lease liability