Check my work Each of the four independent situations below describes a sales-type lease in which annual lease payments of $15,000 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.) Situation 14% 14% 14% 14 @ 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? $6,000 0 $3,000 $3,000 $6,000 none n/a n/a $8,000 no $2,000 no $4,000 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar.) Situation A The lessor's Total lease payments 2 Gross investment in the lease 3. Net investment in the lease The losses 14. Tot lease payments $6,000 0 $3,000 $3,000 $6,000 Residual value: Guaranteed by lessee Unguaranteed Purchase option: After (years) Exercise price Reasonably certain? none n/a n/a 4 $8,000 no - 5 $2,000 no 3 $4,000 yes Determine the following amounts at the beginning of the lease: (Round your final answers to nearest whole dollar Situation 2 A The lessor's 1. Total lease payments 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