Each of the four independent situations below describes a sales type lease in which annual lease payments of $10,000 are payable at the beginning of each year. Each is a finance lease for the lessee (FV of S1 PV of $1. EVA of $1. PVA of $1. EVAD of $1 and PVAD of $1 (Use appropriate factor(s) from the tables provided.) Situation 4 4 5 11% 4 5 11% 11% 11% Lease tere (years) Asset's useful life (years) Lessors implicit rate (known by lessee) Residual value: Guaranteed by lessee Unguaranteed Purchase option: After (years) Exercise price Reasonably certain? $ 4,000 $2,000 $ 2,000 $4,000 none w/ n/a $7,000 no $1,000 no 53,000 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 w Answer is complete but not entirely correct. Situation 2 $ 40,000 40,000 34,437 The lessor's 1 Total lease payments 2 Gross investment in the lease 3 Net investment in the lease The lessee's 4. Total lease payments 5 Right-of-use asset Lease liability $ 44,000 $ 42.000 $ 33,000 44,000 44,000 37,000 37,072 37,072 32,423 B 40,000 34437 34,437 40,000 37,072% 37,072 X 40,000 35,754 X 35,754 X 40,000 29,319 29,139 6