Each of the four independent situations below describes a sales$-$type lease in which annual lease payments of $$11,500$ are payable at the beginning of each year. Each is a finance lease for the lessee.

$$Situation$1234$Lease term $($years$)4444$Asset$$s useful life $($years$)4557$Lessor$$s implicit rate $($known by lessee$)12\%12\%12\%12\%$Residual value:$$Guaranteed by lessee$ $0$$ $4,600$$ $2,300$$$0$Unguaranteed$ $0$$ $0$$ $2,300$$ $4,600$Purchase option:$$After $($years$)$none$343$Exercise price$$$ $7,300$$ $1,300$$ $3,300$Reasonably certain?$$nonoyes

Note: Use tables, Excel, or a financial calculator. $($FV of $$1,$ PV of $$1,$ FVA of $$1,$ PVA of $$1,$ FVAD of $$1$ and PVAD of $$1)$

Determine the following amounts at the beginning of the lease:

Note: Round your final answers to nearest whole dollar. Note: Use tables, Excel, or a financial calculator. $($FV of $\backslash$$$1,$ PV of $\backslash$$$1,$ FVA of $\backslash$$$1,$ PVA of $\backslash$$$1,$ FVAD of $\backslash$$$1$ and PVAD of $\backslash$$$1)$

Determine the following amounts at the beginning of the lease:

Note: Round your final answers to nearest whole dollar.

Answer is complete but not entirely correct. $\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multirow$[$t$]\{2\}\{*\}\{\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Situation$\}\backslash \backslash$

$\backslash$hline & $1$ & $2$ & $3$ & $4\backslash \backslash$

$\backslash$hline Lease term $($years$)$ & $4$ & $4$ & $4$ & $4\backslash \backslash$

$\backslash$hline Asset's useful life $($years$)$ & $4$ & $5$ & $5$ & $7\backslash \backslash$

$\backslash$hline Lessor's implicit rate $($known by lessee$)$ & $\backslash (12\backslash \%\backslash )$ & $\backslash (12\backslash \%\backslash )$ & $\backslash (12\backslash \%\backslash )$ & $\backslash (12\backslash \%\backslash )\backslash \backslash$

$\backslash$hline Residual value: & & & & $\backslash \backslash$

$\backslash$hline Guaranteed by lessee & $\backslash$$ $0$ & $\backslash$$ $4,600$ & $\backslash$$ $2,300$ & $\backslash$$$0\backslash \backslash$

$\backslash$hline Unguaranteed & $\backslash$$ $0$ & $\backslash$$ $0$ & $\backslash$$ $2,300$ & $\backslash$$ $4,600\backslash \backslash$

$\backslash$hline Purchase option: & & & & $\backslash \backslash$

$\backslash$hline After $($years$)$ & none & $3$ & $4$ & $3\backslash \backslash$

$\backslash$hline Exercise price & & $\backslash$$ $7,300$ & $\backslash$$ $1,300$ & $\backslash$$ $3,300\backslash \backslash$

$\backslash$hline Reasonably certain? & & no & no & yes $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$