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Each of the five independent situations below describe a sales-type lease in which annual lease payments of $9,000 are payable at the beginning of each

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Each of the five independent situations below describe a sales-type lease in which annual lease payments of $9,000 are payable at the beginning of each year. Each is a finance lease for the lessee. Situations 1 2 3 5 5 un 5 5 5 un Lease term 5 5 (years) Lessor's rate of 5% 6% return 7% 7% 7% Residual Value: Estimated fair value Guaranteed 0 fair value 0 $4,000 $5,000 $4,000 $6,000 0 $5,000 $6,000 $7,000 N 2. Purchase Option: After none none (years) Exercise n/a n/a price Reasonably n/a n/a certain? 10.000 20,000 $10,000 no no yes Calculate the amount the lessor would record as a lease receivable and the lessee would record as a right-of-use asset, for each of the above situations. Round to the nearest dollar. Format ($XX.XXX)

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