Each of the four independent situations below describes a direct financing lease in which annual lease payments of $100,000 are payable at the beginning of each year. Each is a capital 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
	1	2	3	4
Lease term (years)	7	7	8	8
Lessor