Each of the four independent situations below describes a sales$-$type lease in which annual lease payments of $$19,000$ are payable at the beginning of each year. Each is a finance lease for the lessee.

$\backslash$table$[[,$Situation$],[,1,,2,,3,,4],[$Lease term $($years$),4,,4,,4,,4],[$Asset$\text{'}$s useful life $($years$),4,,5,,5,,7],[$Lessor$\text{'}$s implicit rate $($known by lessee$),12\%,,12\%,,12\%,,12\%$